Due to the present state of the housing market, borrowers need more and more loan modification assistance. Loan modification software can be highly valuable when financial hardships make the threat of foreclosure painfully real. Pursuing a loan modification via your lender on your own may not secure the kind of result that you are hoping for. Don’t be too quick to turn to loan modification companies though. There’s no need to spend thousands of dollars on them.
The best kind of mortgage modification support is a loan modification software and system that is affordable, unbiased, and focused purely on helping you prepare the most effective application package possible. It’s worth bearing a few things in mind:
Innovative loan modification software like MyCaal.com is beneficial for a number of reasons.
Consider why something like TurboTax has become so popular. It is very user-friendly. It is affordable. It is unbiased software, so it isn’t able to mislead you for selfish gain. When considering using loan modification software, think about the following:
- Ensure as best you can that the objective of the site or form or software is not lead generation. When a business refuses to divulge precisely how their service works, what the relevant cost is, and asks you to provide your personal information, there’s a strong chance that it’s a lead generation outfit. These kinds of companies seek to generate an income by selling your personal information to other businesses (like the very loan modification scam companies who are out to rob you).
- Ensure that the provided service is something you can utilize online at your convenience. Legitimate and reputable financial software enterprises have quality websites that feature regular and useful updates.
- The software you use needs to be affordable. You want to improve your financial circumstances after all. MyCaal loan modification software is available to you for just $97.
- The software in question needs to offer mortgage modification pre-qualification analysis that is relevant to private as well as HAMP loan modification.
- The service you choose to use must allow you to provide comprehensive data concerning your financial situation. This is the only way that it can effectively provide you with accurate feedback related to the amendment of your budget, so that your chances of loan modification approval are maximized.
1. Web-based Application – MyCaal loan modification software is the only web-based application of its kind designed to serve and benefit homeowners.
2. MyCaal makes pre-qualification possible – MyCaal helps the homeowner pre-qualify for a loan modification, which is crucial to the application process. A pre-qualified application will give you peace of mind upfront, and it helps increase your chances of approval. We use the U.S. Treasury HAMP loan modification guidelines when evaluating the homeowner’s information.
If MyCaal Application determines that you are pre-qualified, you are able to initiate your home loan modification application with confidence. MyCaal removes the guess work from the equation.
- MyCaal analyzes your application for both HAMP and private loan modifications. In the case of private modification, you can select your bank-specific DTI to get the relevant results.
- If you are not pre-qualified, your chances of home loan modification approval cannot be guaranteed. However, if using MyCaal software demonstrates that home loan modification is not a viable option, all hope is certainly not lost. Here are the next steps that should be taken:
- Experiment with your numbers and see what works and what doesn’t. If you find that you would qualify by increasing your income by 5-10%, take steps to fine tune your finances accordingly. Be creative about identifying and/or securing additional sources of income. Alternatively, lower your expenditures (If you have two cars for example, get rid of one). Try to negotiate a balance reduction with your lender – this is worth consideration if an incremental balance reduction would result in your application for loan modification being approved.
- The MyCaal Application estimates levels of income that would result in your qualification. Whether or not you decide to move forward with a loan modification application with your lender, with MyCaal you can do so with more realistic expectations.
Here is a screen shot of MyCaal Loan Modification pre-qualification status:
3. MyCaal prepares your loan modification package – The software is very interactive. Using step-by-step guidance, and a simple-to-use interface, MyCaal asks for information specific to you then outputs a pre-qualified and thoroughly prepared loan modification package. This means you will receive a faster and more favorable response from your bank. The package includes the following:
- Your Financial Worksheet, including user-specific forms generated in PDF format by MyCaal (such as Borrower Information, Summary of Income/Expenses/Assets, etc.)
- Your Hardship letter – typed and printed using MyCaal online editor.
- Your documents – customized based on your unique circumstances.
- Forms (such as the EZ4506 and others)
4. MyCaal acts as your virtual coach and support system.We have distilled a list of best practices on how to submit your application to your lender. You do not need to spend $3000-$5000 dealing with a law or a loan modification firm to have your application processed. We happily provide you with unbiased advise should you encounter challenges during the application process.We empower you to manage your loan modification application. After all, no-one cares about the outcome more than you do. We have a forum and blog where you can share all of the challenges that you are facing, and where you can receive support from an empathetic community.
5. Cost – It is very affordable. MyCaal loan modification software is available to you for just $97.
6. It is unbiased and conflict free – We tell you the truth. We have nothing to gain regardless of the outcome of your application.
Make no mistake, loan modification approval can drastically alter your financial situation for the better. Take the necessary precautions to choose the business you deal with wisely. A prudently chosen loan modification software tool will prove to be a formidable ally in your corner. Pay MyCaal.com a visit for more information along these line.