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Wayne
County
Treasurer
Eric R.
Sabree
extends
interest
rate
reduction
program
through
June 28
for
taxpayers
facing
foreclosure
DETROIT
- Wayne
County
Treasurer
Eric R.
Sabree
is
pleased
to
announce
that his
office
has
chosen
to
extend
the June
7, 2017
deadline
for a
special
program
to
reduce
interest
rates
for
homeowners
at risk
of
foreclosure
from 18%
to 6%.
The
Interest
Reduction
Stipulated
Payment
Agreement
(IRSPA)
program
for 2017
has been
extended
to June
28,
2017.
"This is
a great
opportunity
for
people
to
reduce
interest
rates
saving
money
and
saving
their
homes,”
said
Treasurer
Sabree.
“We
thought
it was a
highly
successful
program
last
year and
we
worked
hard to
have it
reinstated
for 2017
by
legislative
action.
We are
voluntarily
extending
the
program
until
June 28
to give
as many
people
as
possible
an
opportunity
to sign
up and
avoid
foreclosure.”
In the
program,
homeowners
are
eligible
to enter
into
payment
plans at
a
reduced
interest
rate —
6%,
compared
to the
usual
18% —
and pay
delinquent
taxes.
The
result
is a
reasonable
monthly
payment
amount
that
will
help
hundreds
of
families
stay in
their
homes.
The
reduced
interest
plan is
available
only to
those
who own
their
primary
residence.
The
program
is
extended
to
reduce
foreclosures
in
Detroit
and
Wayne
County
with
numerous
properties
at risk
for
unpaid
2014
property
taxes.
The
program
was
announced
by
Treasurer
Sabree,
Wayne
County
Executive
Warren
Evans
and
Detroit
Mayor
Mike
Duggan
in
April,
the
Interest
Reduction
monthly
payment
agreement
-- which
had
expired
in 2016
-- has
been
reinstated
in 2017
under a
bill
signed
by Gov.
Rick
Snyder.
The new
program,
which
also
reduces
the
interest
rate to
6
percent
from 18
percent,
took
effect
in
April.
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