What the mortgage settlement means to you

If you are underwater on your home or struggling to pay your mortgage, you are probably wondering whether you can expect relief under a $25 billion settlement reached by state and federal officials with the nation's biggest banks.

The short answer is, you probably won't know right away.

According to details laid out on a new "National Mortgage Settlement" website, the payments and other relief will be made over a three-year period and "borrowers will not immediately know" whether they are eligible.

There are three main categories of people who will be aided under the settlement, according to the site: