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Wayne
County
Treasurer
Eric R.
Sabree
talks
with
property
owner
Alicia
Strong
who he
helped
get into
a tax
payment
program
which
saved
her home
from
foreclosure.
There
are
currently
more
than
12,000
properties
at risk
of
foreclosure
in Wayne
County
and more
than
half are
occupied.
The
remaining
properties
are
vacant.
(Photo
by HB
Meeks/Tell
Us
Detroit) |
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Wayne
County
Treasurer
Eric R.
Sabree
joins
local
and
county
officials
to
announce
extension
of
foreclosure
prevention
program
DETROIT
- Wayne
County
Treasurer
Eric R.
Sabree
is
pleased
to
announce
that his
office
has
successfully
led an
effort
to
extend a
special
program
to
reduce
interest
rates
for
homeowners
at risk
of
foreclosure
from 18%
to 6%.
In
alliance
with
Wayne
County
Executive
Warren
C. Evans
and
Detroit
Mayor
Mike
Duggan,
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,
takes
effect
in April
and runs
through
June of
2019.
"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
with the
help of
many
people
to have
it
reinstated
for 2017
by
legislative
action.”
“We
would
like to
get as
many
people
as
possible
into the
program
formally
known as
the
Interest
Reduction
Stipulated
Payment
Agreement,”
Sabree
said.
The 2017
plan,
similar
in scope
to the
2015-
2016
version,
was
signed
into law
by Gov.
Rick
Snyder
and
started
April
10.
“Homeownership
sets the
foundation
for
strong
communities
and
vibrant
neighborhoods.
Working
with
Treasurer
Sabree,
we’re
committed
to do
everything
we can
to help
Wayne
County
residents
stay in
their
homes.
After
the
success
the
program
saw in
2016, I
am
pleased
to see
it
reinstated
this
year,"
said
Executive
Evans.
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.
"During
the
first
two
years of
this
program,
nearly
50,000
Detroit
families
that
were
facing
foreclosures
were
able to
keep
their
homes,"
said
Mayor
Duggan.
"Without
it, we
would
not be
seeing
the
recovery
in our
neighborhoods
that is
taking
place.
Thanks
to
Treasurer
Sabree's
efforts,
thousands
more
Detroiters
who are
at risk
of
foreclosure
will be
able to
access
the help
they
need."
“There
are new
programs
that
will
allow
individuals
to avoid
foreclosure
if they
own and
live in
their
home as
the
primary
residence.
Should
they
make the
required
payments,
the
interest
rate,
which is
currently
18%,
will be
reduced
to 6%
and will
avoid
foreclosure,”
Sabree
said. He
also
noted
that the
home
does not
need to
be at
risk of
foreclosure
to take
advantage
of this
program.
If any,
delinquent
taxes
are owed
one can
enter
into the
lower
interest
rate
payment
plans to
save
money.
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.
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