How to Fight Foreclosure — Without Compromising Your Budget or Privacy

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Once at risk of losing her home, a Silicon Valley entrepreneur fought back by creating an online loan modification software that prequalifies consumers while protecting their privacy. The software is now being offered for free to the first 100 users to register on

When Bank of America rejected Carla Ghosn’s request for a mortgage restructure after she had waited for seven months and spent hundreds of dollars putting her application together, the Silicon Valley entrepreneur decided to take matters into her own hands. She sat down and learned everything she could about President Obama’s Home Affordable Modification Program (HAMP) and private loan modifications, and how banks and their underwriters decide on whether to short sell, foreclose or simply modify a homeowner’s loan. Then, armed with a computer 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 software,” but for loan modifications—the Caal system.

Unlike other services that cost thousands of dollars and that require homeowners to work with lawyers and consultants in restructuring their loans, Caal walks users through an easy yet comprehensive prequalification process. This includes filling out a financial worksheet that will automatically calculate and determine if they are eligible for a loan modification, using an algorithm based on the U.S. Treasury Dept.'s HAMP qualifier. If users aren’t eligible, the Caal system will provide them with four alternative loan scenarios (ranging from 30-year to 40-year loan terms). Caal will also soon be launching hyper-interactive features that would allow users to change the different variables in their financial profile (i.e. loan balance, escrow amounts, salary, loan terms, debt and expenses) to see which equation would qualify them. Additionally what makes Caal really unique is its privacy safeguards: Users don’t even have to input their name or social security number, and whatever data they put in won’t be shared with advertisers, ensuring unbiased results.

“I’ve tried other loan modification websites, and many of them just want to sell you expensive counseling services after you sign up,” says Carla. “I haven’t found one company that allowed me to simply enter my financial data to see if I prequalify, so I decided to build my own.” Running a limited time offer at an affordable price of $98 (discounted from $198), Carla’s loan modification software is currently being offered for free to the first 100 users to register on the Caal website.

“Caal’s goal is to provide homeowners like me with an honest evaluation and significant savings, and to increase their chances at financial freedom by giving them insight into the same calculation process used by their lenders,” says Carla. Once homeowners understand how they qualify under different loan scenarios (for instance, their current mortgage payment must be greater than 31 percent of their gross monthly income for them to qualify under the HAMP), they’ll have more realistic expectations and will be able to negotiate better with their lenders to arrive at a mutually-beneficial solution. Proof that Caal works? Carla used it to reapply for a loan modification, and Bank of America approved her request.

About Caal, Inc.: Caal is a disruptive online real estate financing company that saves homeowners valuable time and money by prequalifying and preparing them for loan modifications.

Business Contact: Carla Ghosn CarlaGhosn(at)mycaal(dot)com


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Stephanie Breslin
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