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Treasurer
's
Program
to avoid
Foreclosure,
Reduce
Interest
Rates
ends
June
30th
DETROIT
-
Homeowners
at risk
of
losing
their
homes to
foreclosure
due to
unpaid
property
taxes
have
until
June
30th to
take
part in
the
Interest
Reduction
monthly
payment
agreement
offers
to
reduce
interest
rates on
tax
payment
plans,
according
to the
Wayne
County
Treasurer
Eric
Sabree.
With
this
special
program
deadline
approaching,
Treasurer
Sabree
urges
homeowners
in
arrears
to
contact
the
Treasurer's
office
immediately
to avoid
losing
their
homes.
"This is
probably
a once
in a
lifetime
break,"
Sabree
said.
“It is a
great
opportunity
for
people
to
reduce
interest
rates
and save
money
and save
their
homes,
and we
would
like to
get as
many
people
as
possible
into the
Interest
Reduction
Stipulated
Payment
Agreement
Program.”
In the
program,
homeowners
are
eligible
to enter
into
payment
plans at
a
reduced
interest
rate —
6%,
compared
to the
usual
18% —
and pay
back
overdue
taxes
over as
long as
five
years,
with a
10% down
payment.
The
result
is a
reasonable
monthly
payment
amount.
The
reduced
interest
plan is
available
only to
those
who own
their
primary
residence,
and they
must
provide
a deed
and a
certificate
of owner
occupancy
from the
city,
Sabree
said.
The
program
comes
amid a
wave of
tax
foreclosures
in
Detroit,
with
over
20,000
properties
still at
risk of
foreclosure
for
unpaid
2013
property
taxes.
Wayne
County
officials
say many
of the
properties
are
vacant
houses
or empty
lots,
but
almost
half are
occupied
residential
properties,
either
owned by
the
individuals
or
families
that
occupy
them, or
by
tenants.
Sabree’s
office
says
that
over
10,000
taxpayers
in the
owner-occupied
homes in
this
year’s
foreclosure
process
have set
up
payment
plans or
other
agreements
that
keep
them in
their
homes.
“This
year
over
63,000
properties
started
the tax
foreclosure
process,
and the
number
still at
risk is
already
lower
than the
number
of
properties
foreclosed
upon
last
year.”
“There
are new
programs
that
will
allow
you to
avoid
foreclosure
if you
own and
live in
your
home as
your
primary
residence.
Should
you make
the
required
payments
your
interest
rate,
which is
currently
18%,
will be
reduced
to 6%
and you
will
avoid
foreclosure,”
Sabree
said. He
also
noted
that
your
home
does not
need to
be at
risk of
foreclosure
to take
advantage
of this
program.
If you
only owe
2014
and/or
2015
taxes,
you can
also
enter
into the
lower
interest
rate
payment
plans to
save
money.
“These
plans
are
called
Interest
Reduction
Stipulated
Payment
Agreements
(IRSPA).
To
qualify
for such
a plan
you must
have a
Principal
Residence
Exemption
(PRE) on
your
property.
Apply
for a
PRE at
your
local
community
offices.
If you
qualify
for an
IRSPA
you will
pay a
10% down
payment
on the
delinquent
taxes
and then
pay 3%
per
month.
In order
to make
sure the
plan
continues
you must
not
allow
any more
taxes go
delinquent
so pay
your new
taxes on
time,”
Sabree
said.
To
contact
the
Wayne
County
Treasurer’s
office
send an
email to
taxinfo@waynecounty.com,
visit us
at 400
Monroe
in
Greektown,
or call
313-224-5990.
If you
were
extended
a
D.O.O.E.
or S.P.A.
last
year you
must
complete
payments
on that
and then
enter a
new
agreement
or the
property
will be
foreclosed.
The
Interest
Reduction
Stipulated
Payment
Agreement
(IRSPA)
and the
State
Equalized
Value
Stipulated
Payment
Agreement
(SEVSPA)
will be
expiring
on June
30,
2016.
People
interested
in
taking
advantage
of these
unique
programs
should
visit
the
Wayne
County
Treasurer’s
website
and
gather
the
following
required
information
before
going to
the
Treasurer’s
office:
-You
must
have a
Principal
Residence
Exemption
(PRE)
for your
property.
This
states
that you
own and
live in
your
home as
your
primary
residence.
This
designation
will
lower
your
taxes.
If you
do not
have a
PRE you
can
apply
for that
at your
local
community.
You must
pay 10%
of the
base
delinquent
taxes as
a down
payment.
You must
pay a
monthly
amount
to pay
off the
taxes.
This is
set at
only 3%
of the
outstanding
taxes,
and can
be
spread
over
several
years.
-You
must not
allow
any more
taxes to
be
reported
as
delinquent.
This
means
you must
pay your
current
year's
taxes
timely
to your
local
community.
-Under
this
plan the
interest
charged
on the
delinquent
taxes is
reduced
from 18%
per year
to 6%
per
year.
If the
taxes
owed on
your
home
together
with
interest
and fees
exceeds
1/2 the
state
equalized
value (SEV)
for your
home,
the
outstanding
taxes on
the home
can be
reduced
to 1/2
the SEV
on the
home,
and the
remaining
amount
is
eliminated.
This
plan
also
requires
a 10%
down
payment,
and 3%
monthly
payment
for up
to five
years,
and your
interest
on the
taxes is
reduced
from 18%
to 6%.
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