FAQs

What is the Monitor’s job under the Global Settlement Agreement?

The Monitor’s job is to publicly: (i) report quarterly on Goldman Sachs’ progress towards completion of the Consumer Relief portion of the Global Settlement Agreement; (ii) report on credits earned by Goldman Sachs; and (iii) determine and certify Goldman Sachs’ compliance with the terms of the Global Settlement Agreement.

Can the Monitor help me get relief under the Global Settlement Agreement?

The Monitor does not have the authority under the Global Settlement Agreement to intervene in individual cases.  To find organizations that may be able to assist you, please click here.

How long does Goldman Sachs have to complete its efforts?  Does Goldman Sachs have any incentive to provide the Consumer Relief early?

Goldman Sachs must complete all consumer relief obligations under the Global Settlement Agreement by January 31, 2021.  Goldman Sachs is entitled to a 150% enhanced early incentive credit for first lien principal forgiveness offered or completed by November 30, 2016 (subject to restrictions outlined in the Global Settlement Agreement) and a 115% early incentive credit for all consumer relief activity offered or completed by June 30, 2017.

I want to read the Global Settlement Agreement. Where can I get a copy?

A copy of the Global Settlement Agreement is available here.

If I want to contact the Monitor, how can I reach him?

The Monitor can be reached via email at goldmansachsmonitor@mortgagesettlementmonitor.com.

What is Rushmore Loan Management Services, LLC?

Rushmore Loan Management Services, LLC is a mortgage servicing provider for Goldman Sachs. Mortgage servicing providers service mortgage loans that are originated or owned by other companies.

What is Shellpoint Mortgage Servicing?

Shellpoint Mortgage Servicing is a mortgage servicing provider for Goldman Sachs. Mortgage servicing providers service mortgage loans that are originated or owned by other companies.

What is Selene Finance?

Selene Finance is a mortgage servicing provider for Goldman Sachs. Mortgage servicing providers service mortgage loans that are originated or owned by other companies.

How can I find out who my mortgage servicing provider is?

• Your servicer is listed on your mortgage statement.
• Your servicer would be noted on other mortgage-related correspondence you may have received.
• If you received an IRS Form 1098 or 1099-C, your servicer would be listed as the payee.

What does the Global Settlement Agreement mean for homeowners?

As part of the Global Settlement Agreement, Goldman Sachs has agreed to offer relief to eligible homeowners, which may include:

Repayment Plan – Allows you to pay past due amounts on your loan over a specified time period to bring your loan current. Each plan payment includes your regular monthly payment plus a portion of the past due amount. The term of the plan will vary based on your ability to repay.

Loan Modification – Allows for permanent changes to the terms of your loan. Loan modification options may be available to you even if you have already been denied or granted a loan modification in the past. This may include any of the following:

• Lower total debt, including forgiveness of a portion of the amount owed
• Fixed interest rate
• Reduced monthly payment

Forgiveness of any portion of the balance due may have tax implications under federal or state law. The Monitor is not able to offer you legal or tax advice. Please consult with a tax professional.

Settlement – A mutual agreement between you and your servicer whereby your servicer, on behalf of the loan owner, agrees to accept less than the full amount of your loan balance in full satisfaction of your loan. You retain full ownership of your home.

Short Sale – Allows you to sell your home for less than the remaining balance on your loan. The agreed upon net sale price of the home must be acceptable to the owner of your loan. The debt will be satisfied at the agreed upon sale price and terms. If the short sale is completed, you will not be responsible for the costs of sale (e.g., broker fees). Relocation assistance may be offered.

Deed-in-Lieu of Foreclosure– Allows a voluntary transfer of the ownership of your home to the owner of your loan in satisfaction of some or all of your obligations under your loan. Relocation assistance may be offered.

When does the Global Settlement Agreement take effect?

The Global Settlement Agreement was announced on April 11, 2016, and was effective immediately.

Which homeowners are eligible for relief under the Global Settlement Agreement?

Through its servicers (Rushmore Loan Management Services, LLC, Shellpoint Mortgage Servicing or Selene Finance), Goldman Sachs is in the process of contacting homeowners who may be eligible for mortgage payment reductions or other relief.  Homeowners may also contact either Rushmore Loan Management Services, LLC at (877) 360-2479, Shellpoint Mortgage Servicing at (866) 317-2343, or Selene Finance at (877) 768-3759 to address eligibility questions.

How do I apply for relief under the Global Settlement Agreement? What do I need to do?

Goldman Sachs is currently evaluating who is eligible for relief under the Global Settlement Agreement. Goldman Sachs, through its servicers, has mailed a number of offers of relief to consumers and will be sending additional offers in the future. While there is no application available for relief specifically under the Global Settlement Agreement, if you are in need of home loan assistance you may seek and qualify for other forms of relief offered by Goldman Sachs. To learn more, please contact Rushmore Loan Management Services, LLC at (877) 360-2479, Shellpoint Mortgage Servicing at (866) 317-2343, or Selene Finance at (877) 768-3759.

Do I need to provide my financial information to Goldman Sachs in order to receive relief under the Global Settlement Agreement?

Various financial documents and information will need to be sent to your servicer. Please contact Rushmore Loan Management Services, LLC at (877) 360-2479, Shellpoint Mortgage Servicing at (866) 317-2343, or Selene Finance at (877) 768-3759.

If I receive relief under the Global Settlement Agreement, do I give up my right to pursue legal action against Goldman Sachs?

The Global Settlement Agreement provides that Consumer Relief is not conditioned on a homeowner’s waiver or release of the right to pursue legal action against Goldman Sachs, provided that waivers and releases shall be permitted in the case of a contested claim where the borrower would not otherwise have received as favorable terms or consideration.

Are there organizations that can assist me in obtaining advice regarding the relief available under the Global Settlement Agreement?

The Monitor cannot represent or provide legal or tax advice to individual homeowners. Homeowners considering seeking mortgage modifications or other relief from Goldman Sachs under the Global Settlement Agreement may wish to obtain legal or tax advice from a lawyer or tax advisor of their own selection. Homeowners who desire such assistance but who do not know where to obtain it or cannot afford it, please click here.

Does the Global Settlement Agreement provide tax relief for homeowners for income arising from principal forgiveness?

No, the Global Settlement Agreement does not provide tax relief for homeowners for income arising from principal forgiveness. However, the Protecting Americans from Tax Hikes Act of 2015 permits many homeowners to exclude principal forgiveness from taxable income. Whether a homeowner will be required to pay any federal, state, local, or other tax on principal forgiveness is dependent upon each homeowner’s individual circumstances.

Where can I find more information about taxable income from principal forgiveness?

Homeowners can find useful information at www.irs.gov (search: mortgage forgiveness). The Monitor cannot represent or provide legal or tax advice to homeowners. Homeowners considering mortgage modifications or other relief from Goldman Sachs under the Global Settlement Agreement may wish to obtain legal or tax advice from a lawyer, accountant or other tax advisor. Homeowners who desire such assistance but who do not know where to obtain it or cannot afford it, please click here.

I have questions not answered by these FAQs. Who can answer my questions?

Additional inquiries and requests for relief should be directed to Rushmore Loan Management Services, LLC at (877) 360-2479, Shellpoint Mortgage Servicing at (866) 317-2343, or Selene Finance at (877) 768-3759. You may also find more information by clicking here.

How does the Global Settlement Agreement address Community Relief?

The Global Settlement Agreement requires Goldman Sachs to provide at least $240 million in consumer community relief, which includes financing and/or donations to fund affordable rental and for-sale housing. At least 50% of the $240 million minimum must be allocated to Critical Need Family Housing Developments.

Can My Organization Participate in the Community Relief Available Under the Global Settlement Agreement?

Please contact Goldman Sachs to determine whether your organization is eligible for community relief under the Global Settlement Agreement.

I have questions not answered by these FAQs. Who can answer my questions?

Additional inquiries and requests for relief should be directed to either Rushmore Loan Management Services, LLC at (877) 360-2479, Shellpoint Mortgage Servicing at (866) 317-2343, or Selene Finance at (877) 768-3759.