Who Do I Make My Mortgage Payment To?
Please call 855-429-1977 to speak with a Castle & Cooke Mortgage Servicing representative who can provide you with information regarding the payment of your loan including how, when, and to whom payments should be made.
Can I Defer My Loan Payments?
Currently, Fannie Mae (FNMA), Freddie Mac (FHLMC), FHA, VA and USDA do NOT offer options to defer the amounts due. However, if you have been impacted through illness, loss of income, or loss of employment, you may qualify for a forbearance plan.
What Is A Forbearance Plan?
A forbearance plan simply means you don’t have to make your payments during the time frame of the plan. It’s important to note that forbearance is not the same as payment forgiveness. Any unpaid payments will become due at the end of the forbearance period.
How Long Does A Forbearance Plan Last?
It depends, but typically anywhere between 3 and 6 months.
Will I Still Pay Interest During The Forbearance Period?
Though you would not make payments, interest would continue to accrue like normal.
Will A Forbearance Affect My Credit?
During the forbearance period, you will not be assessed any late charges and negative credit reporting will be suspended.
Do I Still Owe As Much In Mortgage Payments As I Normally Would?
Yes. When the forbearance plan ends, you will have to make your loan current. For example, if your mortgage payment is $1,000 a month and your forbearance period is three months, at the end of three months you will owe $4,000. The $1,000 owed for the current month plus the three months skipped.
What If I Can’t Make A Large Lump Payment When The Forbearance Period Ends?
In order to avoid any negative credit impact, your account must be brought current following your forbearance plan. Subject to investor guidelines, additional payment assistance options may include permanent loan modification or a repayment plan. Prior to the end of the forbearance period, you would need to contact Castle & Cooke Mortgage Servicing to discuss repayment options.