FAQs

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, Selene Finance or Specialized Loan Servicing, LLC), 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 (888) 504-7300, Shellpoint Mortgage Servicing at (866) 825-2174, Selene Finance at (877) 768-3759, Specialized Loan Servicing, LLC at (800) 306-6059 or Select Portfolio Servicing, Inc. at (888) 818-6032 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 (888) 504-7300, Shellpoint Mortgage Servicing at (866) 825-2174, Selene Finance at (877) 768-3759, Specialized Loan Servicing, LLC at (800) 306-6059 or Select Portfolio Servicing, Inc. at (888) 818-6032.

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 (888) 504-7300, Shellpoint Mortgage Servicing at (866) 825-2174, Selene Finance at (877) 768-3759, Specialized Loan Servicing, LLC at (800) 306-6059 or Select Portfolio Servicing, Inc. at (888) 818-6032.

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 (888) 504-7300, Shellpoint Mortgage Servicing at (866) 825-2174, Selene Finance at (877) 768-3759, Specialized Loan Servicing, LLC at (800) 306-6059 or Select Portfolio Servicing, Inc. at (888) 818-6032. You may also find more information by clicking here.