Silicon Valley, CA (PRWEB) April 6, 2011
When Bank of America rejected Carla Ghosns request for a mortgage restructure right after she had waited for seven months and spent hundreds of dollars putting her application with each other, the Silicon Valley entrepreneur decided to take matters into her own hands. She sat down and learned every thing she could about President Obamas House Cost-effective Modification Program (HAMP) and private loan modifications, and how banks and their underwriters choose on regardless of whether to quick sell, foreclose or simply modify a home owners loan. Then, armed with a laptop engineering degree and an MBA from Wharton, and with the guidance of tech gurus such as Jelli CTO and co-founder Jateen Parekh, she created what she envisions to be similar to the TurboTax application, but for loan modificationsthe Caal system.

As opposed to other services that cost thousands of dollars and that require home owners to perform with lawyers and consultants in restructuring their loans, Caal walks users via an effortless yet complete prequalification procedure. This includes filling out a economic worksheet that will automatically calculate and decide if they are eligible for a loan modification, utilizing an algorithm primarily based on the U.S. Treasury Dept.’s HAMP qualifier. If customers arent eligible, the Caal method will supply them with 4 alternative loan scenarios (ranging from 30-year to 40-year loan terms). Caal will also soon be launching hyper-interactive functions that would permit users to modify the diverse variables in their monetary profile (i.e. loan balance, escrow amounts, salary, loan terms, debt and costs) to see which equation would qualify them. Furthermore what tends to make Caal actually distinctive is its privacy safeguards: Customers dont even have to input their name or social safety quantity, and what ever data they put in wont be shared with advertisers, making sure unbiased outcomes.

Ive attempted other loan modification sites, and several of them just want to sell you costly counseling solutions soon after you sign up, says Carla. I havent discovered 1 business that permitted me to merely enter my financial data to see if I prequalify, so I decided to develop my own. Operating a restricted time supply at an affordable price tag of $ 98 (discounted from $ 198), Carlas loan modification application is currently being supplied for cost-free to the initial one hundred users to register on the Caal website.

Caals aim is to give homeowners like me with an truthful evaluation and important savings, and to improve their chances at monetary freedom by providing them insight into the very same calculation process used by their lenders, says Carla. Once home owners realize how they qualify below distinct loan scenarios (for instance, their current mortgage payment need to be higher than 31 percent of their gross month-to-month earnings for them to qualify under the HAMP), theyll have far more realistic expectations and will be in a position to negotiate greater with their lenders to arrive at a mutually-useful answer. Proof that Caal performs? Carla utilised it to reapply for a loan modification, and Bank of America approved her request.

About Caal, Inc.: Caal is a disruptive on the web real estate financing organization that saves home owners valuable time and cash by prequalifying and preparing them for loan modifications.

Organization Make contact with: Carla Ghosn CarlaGhosn(at)mycaal(dot)com

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