Mark Your Calendars for June 15th as Wayne County Initiates Vital Foreclosure Avoidance Programs

Wayne County in Michigan homeowners facing the distressing prospect of foreclosure now have a lifeline available to avoid eviction. The county has introduced new payment plan options to provide relief and help homeowners stay in their homes, particularly for those who have outstanding property back taxes from 2021 and earlier.

These payment plans offer flexibility and leverage various financing options provided by Wayne County, allowing homeowners to adjust interest rates, and payment schedules, or even reduce the overall amount owed. Recognizing the challenges faced by homeowners, the county is also utilizing federal funds, including those allocated through the Michigan Homeowners Assistance Fund (MIHAF), specifically aimed at assisting individuals impacted by the COVID-19 pandemic.

Residents can apply for grant funding under the Michigan Homeowners Assistance Fund, which has already disbursed more than $20 million to 5,500 Wayne County residents. These funds, made available through the American Rescue Act, offer crucial financial support to help homeowners with their back taxes. However, it is important to act swiftly, as the availability of MIHAF funds is limited.

Eric R. Sabree, Wayne County Treasurer, strongly encourages homeowners to submit their applications as soon as possible. The county aims to ease the burden on homeowners and prevent foreclosures by offering three distinct payment plan options:

1. Interest Reduction Stipulated Payment Agreement (IRSPA): This plan reduces the interest rate from 18% to 6%. To be eligible, taxpayers must own and reside in the home, providing the necessary documentation to prove residency.
2. Stipulated Payment Agreement (SPA): Under this agreement, a payment plan is created over a 10-month period. As long as the homeowner adheres to the agreed-upon payment schedule, foreclosure on their home will not occur.
3. Pay as you Stay Payment Agreement (PAYSPA): Municipalities offer PAYSPA, and applicants must first obtain approval from the local government's Property Tax Exemption program. Eligible homeowners will have the option to pay a lump sum or enroll in the PAYSPA.

For additional information, homeowners are encouraged to visit the treasurer's website at treasurer.waynecounty.com or contact the office via email at taxinfo@waynecounty.com or by phone at 313-224-5990. Taking advantage of these new options and seeking assistance promptly can help homeowners safeguard their homes and financial well-being.