CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Zillow Study Shows Mortgage Process is a Mystery for Many

The bankruptcy process is about getting debt under control. In many cases, the largest debt on the books is the mortgage. A home is often the most valuable asset that people own, and for some the fight to keep it is the most important goal of bankruptcy. For others, getting rid of the incredible weight of a mortgage is their goal and yet many people don’t realize that getting rid of a mortgage or restructuring it during bankruptcy is also an option.

Lack of the mortgage process is not as uncommon as one might think. In fact, a recent Zillow survey determined that a lot of homeowners aren’t aware of many of their rights or options that relate to the mortgage process. For example, 20 percent of homeowners didn’t know that refinancing was an option even if their home was considered to be underwater — valued lower than they owe on their mortgage.

The director of mortgages at Zillow said that in many instances people place all of their focus on obtaining a lower purchase price for the home but tend to forget about the importance of a mortgage. Many don’t even realize the level of control that they have over the terms of the mortgage — the largest debt in most people’s lives.

For instance, 25 percent of those surveyed thought that if they were pre-approved by one lender, they were stuck with that lender. Another 24 percent thought that if they held a savings or checking account with a lender that they would receive the best loans terms from the same. Even scarier, 34 percent were unaware of the fact that a lender’s fees are not the same for every client and that the law doesn’t require them to be.

Misunderstanding can be an obstacle to successful financial futures. For those with questions about mortgages, debt and bankruptcy, a Florida attorney is a great resource not only for answers but sound advice on the variety of options available to them.

Source: Credit Unions Online, “Home Buyers In the Dark About Mortgage Process,” Gina Ragusa, May 20, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

What Happens If My Spouse Dies During Bankruptcy?

Seniors declaring bankruptcy have many concerns. One of the most pressing is how their health or their spouse’s health might...
Read More

Can I File for Bankruptcy Without a Job?

Bankruptcy is often considered a tool used by people without money, without income, and without any financial hope. The truth...
Read More

Should I Use Retirement Savings to Avoid Bankruptcy? A Tampa Bankruptcy Lawyer Can Help You Protect Your Retirement Nest Egg

Withdrawing money from your retirement savings is rarely advised by financial experts, even if you are facing bankruptcy. Working with...
Read More

Can You File for Bankruptcy and Keep Your Home

Foreclosure is something that occurs after a homeowner has missed multiple mortgage payments. Working with a Florida bankruptcy attorney helps...
Read More

Is There Such a Thing as Mortgage Bankruptcy?

Your home is one of your primary concerns when filing for bankruptcy. Can you claim bankruptcy and keep your home?...
Read More

What Do You Need to Know about a Home Auction in Bankruptcy?

Home auctions are a common topic that arises when someone is faced with the prospect of bankruptcy. Bankruptcy protection for...
Read More

Can a Florida Bankruptcy Attorney Help Me Avoid Eviction

Losing one’s home is one of the most common concerns you can have when filing for bankruptcy. A Florida bankruptcy...
Read More

Covid-19 Tax Tips

The COVID-19 pandemic has affected a variety of things including taxes. These COVID tax tips can help you prepare and...
Read More

How Can a Bankruptcy Attorney in Tampa Florida Help Me If I Fall Behind on My Mortgage After Filing for Bankruptcy?

Many people find that filing for bankruptcy provides all of the financial relief they need to get back on track....
Read More

Are Bankruptcy Laws Designed to “Trip” You Up? Here’s How a Bankruptcy Law Firm Can Help You Avoid Trouble

It’s no surprise that people are skeptical of how bankruptcy can help their financial situation. Many have heard stories about...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions