The big $26 billion mortgage settlement announced Thursday is complex. But it is clear that it will probably be months before individual homeowners know if they’ll benefit — and if so, what they’ll need to do.

A Web site, www.nationalmortgagesettlement.com, has been established to help answer questions. It provides some basic information, including a timeline for enactment of the settlement. Anyone looking for quick details will be disappointed: “Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief,” the site says.

It does point out this caveat, though: “Borrowers from states that did not sign the settlement will not be eligible for any of the relief directly to homeowners.” That means borrowers from Oklahoma are out of luck, because Oklahoma didn’t join the settlement.

And, it notes that anyone whose mortgage is held by Fannie Mae and Freddie Mac is not affected by the settlement. To find out if your loan is owned by either company, you can check mortgage look-up tools on the Fannie or Freddie Web sites.

So, what can you expect if your loan isn’t owned by Freddie or Fannie?

The servicers participating in the settlement (Ally, Bank of America, Citi, JPMorgan Chase and Wells Fargo) will be working over the next six to nine months to determine which borrowers are eligible for relief, and will contact them with details. (You can, of course, contact your servicer yourself, but keep in mind they won’t have specifics right away.)

The settlement provides help for those who owe more than their home is worth — what’s known as being underwater. For borrowers who are delinquent on their payments, or who are at risk of defaulting on the loan, help may include a reduction in their existing loan principal or other modifications. Borrowers who are up to date on payments may be able to refinance into a new loan at current interest rates, which remain at record lows.

Borrowers who lost their homes through foreclosure between Jan. 1, 2008, and Dec. 31, 2011, will receive cash payments, expected to be about $2,000, The Times reported today. They will eventually receive forms in the mail instructing them what to do.

A recent estimate from the settlement negotiations put the average aid for homeowners at $20,000, The Times also reported.

The settlement also makes help available specifically for borrowers who are unemployed, or who are members of the military.

The servicers must put the settlement into effect within three years, and have incentives to help as many borrowers as possible over the first 12 months.

Take a look at the Web site, and let us know in the comments what details you’d like to hear about.