What the foreclosure settlement means for you

Posted by Bonnie Martin Designated Broker on Tuesday, April 17th, 2012 at 9:45am.

NEW YORK (CNNMoney) -- The $26 billion foreclosure settlement has finally been given the green light, making it possible for roughly two million of the nation's hardest hit borrowers to see a significant reduction in their mortgage payments.

Agreed to between the nation's five largest banks and attorneys general from 49 states and the District of Columbia, the deal settles charges of foreclosure processing abuses dating back to 2008.

Under the settlement, which was approved by a federal judge on Thursday, the banks will reduce the principal on loans held by underwater homeowners, refinance some mortgages to today's low interest rates and compensate those who lost their homes due to improper foreclosure practices.

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