Wednesday, May 22 2013 2:08PM

The National Mortgage Settlement has helped many homeowners remain in their houses.

More than 620,000 Americans impacted by poor lending practices have received housing assistance under the National Mortgage Settlement, which has helped many distressed homeowners remain in their houses, according to the U.S. Department of Housing and Urban Development (HUD).

The agency released a progress report, which revealed that the nation's top mortgage service providers have distributed more than $50 billion in aid. The lenders have extended an average of $81,000 in direct assistance to homeowners who lost their homes or were at risk of losing their homes due to illegal or negligent foreclosure practices carried out by lenders.

Much of the aid has been put toward principal relief for distressed homeowners or refinance agreements. 

"One year in, it is clear that this historic settlement is making a profound difference on lives and communities," said HUD Secretary Shaun Donovan. "We have far surpassed expectations in our efforts to assist struggling Americans. Due to the efforts by 49 bipartisan state attorneys general and the federal government, hundreds of thousands of people are able to stay in their homes or avoid foreclosure, preventing the erosion of the social fabric of our communities."

Homeowners who did not qualify for money from the settlement but are still struggling to afford their homes may qualify for a refinance agreement under the federal Home Affordable Refinance Program. The program has helped more than 900,000 borrowers modify their home loans with more favorable terms. 

For more information, check out this source: The U.S. Department of Housing and Urban Development