New laws signed by Gov. Rick Snyder in December cut interest rates from 18 percent to 6 percent for homeowners behind on their taxes, reduced down payments to get into plans and put a cap on overall past due taxes.
More than 60,000 of Wayne County’s 76,000 foreclosed properties are in Detroit. Teams of volunteers will visit District 7 homes on the foreclosed property list.
About 76,000 Wayne County properties are in foreclosure, including 62,000 in Detroit.
Mayor Mike Duggan said the bills allow 20,000 Detroit homeowners the ability to avoid foreclosure and stay in their homes.
The county is in the process of sending roughly 80,000 property owners notice that their property is subject to foreclose.
A bill designed to give some relief to Michigan homeowners in financial duress over delinquent tax bills has cleared a major hurdle.
Just after Memorial Day the city will auction “fourteen houses a week, because we feel like there is enough demand there,” said Duggan.
More than 112 victims of a foreclosure rescue scam in Michigan will be helped after the state attorney general’s office prosecuted a company for making misleading or false statements to homeowners.
Real estate prices continue their dramatic increase in metro Detroit in August, even as sales begin to slow down, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.
The law extends Michigan’s 90-day pre-foreclosure negotiation period through January 10th, when new federal regulations kick in mandating a 120-day period.