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.