New Payment Programs Are Helping 7,500 Detroit Homeowners Avoid Foreclosure
Detroit homeowners need only put 10% down to enroll in a back-taxes payment plan.
More than 60,000 Detroit properties face tax foreclosure, but the city is implementing new programs to keep families in their homes. Detroit Mayor Mike Duggan says he has worked with Governor Rick Snyder to reduce the interest rate on overdue property taxes, and decrease deposits on payment plans. He says of the properties in Detroit facing foreclosure, almost half are abandoned, and close to a quarter are commercially owned.
“The ones we’re focused on are the 18,000 owner-occupiers. 7,500 have signed payment agreements, and our goal is if you’re still in the house that you own, get in now and we can cut your interest rate.”
Duggan says families seeking to join payment plans for their back taxes only need to pay 10% down. He says homeowners have until the end of the month to enroll in a plan.