Loan modifications, can you recall a few years ago when people first started talking about them? The housing market bubble burst in 2007 and a number of federal and private programs were created with the intention of helping millions of struggling homeowners in America to save their homes from foreclosure. Granting distressed homeowners a loan modification that results in more affordable mortgage payments over the long-term was supposed to dramatically reduce the devastating effects of a severe housing market crisis.
Fast forward to the present day, and we find a reality that falls far short of the early promise ushered in by the Obama administration’s HAMP program. As many as 8.5 million American homeowners have already lost their homes, and the American dream now lies in tatters for a vast multitude of people across the United States. To date, it’s estimated that less than 5% of all loan modification applications have been approved. The application process itself has been greatly hindered by inefficiencies, complexities, and even deliberate misinformation and sabotage on the part of lenders who have demonstrated very limited enthusiasm in assisting homeowners with avoiding foreclosure.
The fact of the matter is that homeowners have become incredibly suspicious of both the lending industry as well as the federal government. In the midst of incredible stress and hardship, they see little genuine interest from politicians or bankers to provide them with any tangible assistance beyond empty rhetoric. As one disgruntled person has expressed on the change.org petition when referring to the shameful way in which homeowners are being treated by lenders:
“It is disgusting what these vampires are doing to innocent homeowners, people who through no fault of their own are now out of jobs or have had their hours and salaries cut because of the DEPRESSION we are in.”
Carla Ghosn, CEO and founder of mycaal.com, became intimately aware of the shortcomings of the loan modification application process while trying to restructure her mortgage. It was something she was unsuccessful in as a result of following the existing mortgage modification application process. Carla’s frustrations with the status quo led her to create MyCaal.com, a revolutionary and innovative software-as-a-service platform that empowers homeowners to pursue the modification of their mortgage with greater transparency and confidence. Carla is a passionate entrepreneur and holder of a Wharton MBA, committed to doing everything in her power to help honest and hardworking Americans around the country to save their home and their dream.
Some of the key factors that set MyCaal apart from any other service available to homeowners is that:
1. It allows them to accurately determine their pre-qualification status prior to submitting their application to their lender – a critical step for approval.
2. It facilitates the convenient preparation and storage of a thorough and accurate application (documents) in one central location,
3. It also provides conflict-free expert service with personalized support and helps prevent homeowners from submitting a loan modification application with complete uncertainty and vulnerability.
On behalf of all homeowners who are intent on keeping their home, Carla Ghosn states, “I believe that loan modification represents the most effective strategy.” However, the lenders need to process loan modifications ethically and responsibly. The fact that the application process has been grossly mismanaged does not alter this fact. What is required is for homeowners to be provided with an efficient and user-friendly process and tools to allow them to take control of their own financial destinies, rather than being at the mercy of an unsympathetic lending industry which is first and foremost concerned about profits.”