In 2014, student loan debt topped $1.2 trillion, its highest figure to date. A sample taken from Equifax showed that most borrowers owed an average of $27,000. This number is 74 percent higher than it was ten years ago. Economists believe student loan debt is largely to blame for the decrease in young adults becoming homeowners. The number of 27-30 year olds with home-secured debt has dropped significantly since 2009, according to a report by the Federal Reserve Bank of New York.
The Federal report also showed that financial conditions for young adults are not improving. In the last quarter of 2014, the percentage of delinquent student loans rose from 11.1 to 11.3. Missing student loan payments can greatly impact a consumer’s credit score. Since the housing bubble burst, credit scores and debt-to-income ratios have been held to higher standards, making it harder to be approved for a home loan.
Click here to read more on the effects student loan debt has had on homeownership over the last decade.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.