COVID-19 Information - Castle & Cooke Mortgage

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?

When a CARES Act forbearance (also called a "COVID-19 forbearance") ends, you may have the option to defer the past due amount if your loan is secured by Fannie Mae (FNMA), Freddie Mac (FHLMC), VA or USDA. With the COVID-19 payment deferral option, the missed payments are deferred, or moved, to the end of the loan term. The deferred amounts, including escrow advances, must be repaid when the home is sold, refinanced or at the loan's maturity.

With an FHA secured loan, you may have the option to obtain a partial claim. The partial claim defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. Partial claims are sometimes completed along with a loan modification.

Please call 855-429-1977 to speak with a Castle & Cooke Mortgage Servicing representative who can provide you with information regarding your options.

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?

Subject to investor guidelines, you may be able to request an initial forbearance term of 180 days. If your hardship has not been resolved at the end of the initial forbearance term, you may be able to request an additional term of 180 days. If you reach a cumulative forbearance plan term of 360 days, as measured from the start date of your initial COVID-19 forbearance plan, and your hardship has not been resolved, you may be able to request additional extensions depending on your loan type.

Additionally, you may shorten a forbearance plan term at any time to reduce the amount of payments which are being delayed or reduced.

Please call 855-429-1977 to speak with a Castle & Cooke Mortgage Servicing representative who can provide you with information regarding your options.

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 payment deferral, partial claim, permanent loan modification or a repayment plan, depending on your loan type. Prior to the end of the forbearance period, you would need to contact Castle & Cooke Mortgage Servicing at 855-429-1977 to discuss repayment options.

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