Frequently Asked Questions
MyCaal Service Price
Access to MyCaal Loan Modification software has limited time offer of $98.00 (discounted from $198).
MyCaal is super affordable compared to the value you get from using it.
- Check if you qualify in minutes.
- Tips for success.
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- See your numbers in real-time … Print your own reports…
- Our system recommends how to prepare a successful loan modification application.
HAMP eligibility when loan is not owned or guaranteed by Fannie Mae or Freddie Mac
Can I get a mortgage modification through the Home Affordable Modification Program (HAMP) if my loan is not owned or guaranteed by Fannie Mae or Freddie Mac?
Yes. HAMP helps homeowners who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage loan servicers with financial incentives to modify existing first lien mortgages, the Treasury hopes to help homeowners avoid foreclosure regardless of who owns or guarantees the mortgage.
Home Affordable Modification Program (HAMP) Eligibility
If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.
Eligibility check – You may be eligible to apply if you meet all of the following:
- You occupy the house as your primary residence.
- You obtained your mortgage on or before January 1, 2009.
- You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
- You owe up to $729,750 on your home.
- You have a financial hardship and are either delinquent or in danger of falling behind.
- You have sufficient, documented income to support the modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
- *Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.
For more information, please contact your lender or visit the Making Home Affordable website.
How much will a modification cost me?
Homeowners who qualify for a modification under HAMP will never be required to pay a modification fee or pay past-due late fees. If there are costs associated with the modification, such as payment of back taxes, your servicer will give you the option of adding them to the amount you owe on your mortgage or paying some or all of the expenses in advance. Paying these expenses in advance will reduce your new monthly payment and save interest costs over the life of your loan.
I am unemployed. Can I still get a mortgage modification?
If you are unemployed, ask your servicer immediately for consideration through the Home Affordable Unemployment Program (UP).
What is a loan servicer?
A loan servicer is a public or private entity that collects, monitors and reports loan payments, handles property tax, insurance escrows and late payments, forecloses defaulted loans, and remits payments. Your bank may very well be just the servicer of your loan and not the owner of your loan. In this case, the owner of your loan is the investor.
If you loan is just being serviced by your lender and you apply for a loan modification, your servicer may need to get permission from the owner or investor before they can change any of the terms of your loan.
What is MyCaal loan modification services
- MyCaal is not a loan modification company. We do not process loan modification. We are not even recommending that you apply for a loan modification. We help you determine your qualification if you wish to apply for a loan modification.
- We empower you, the homeowner, with a loan modification software to help you in preparing a successful loan modification application. This system includes a financial qualifier that helps determine if you are financially pre-qualified based on your financial data. And if you are not qualified, it recommends the levels of income that would qualify you for a HAMP or a private loan modification if your salary is too low now for a qualification.
- MyCaal’s software is based on the U.S.Treasury HAMP qualifier guidelines
Who could use MyCaal?
- The homeowner who is eligible for a loan modification.
- Banks and servicers who need help qualifying their clients.
- HUD agencies who need help qualifying their clients.
- Law firms can also use mycaal.com to qualify potential clients.
Your Privacy with MyCaal
- You don’t have to provide us with your name (first and last name) when you are using the Caal Loan Modification software.
- Your personal information is not for sale.
- Please read our Privacy & Security Policy at http://www.mycaal.com/privacy.
- MyCaal is Truste certified.