A new program helps some facing tax foreclosure stay in homes : Housing Help of SD

A new program helps some facing tax foreclosure stay in homes

A new program helps some facing tax foreclosure stay in homes

LANSING, Mich. — A new program will help some Michigan homeowners facing tax foreclosure stay in their homes.

It's called 'Pay As You Stay'

Governor Gretchen Whitmer signed House Bill 5124 designed to prevent foreclosures and provide some relief from back taxes on Monday, March 2.

"This is about the people of Michigan. It has impacts all over the state," said Whitmer. "As we seek to take on some of those barriers that keep people in poverty, this is an important step."

The program allows some homeowners who are struggling to sign up for affordable payment plans. The system, allowing for significantly reduced delinquent property taxes for homeowners who qualify for poverty exemption under a three-part plan.

Once enrolled, all interest, penalties, and fees will be eliminated. To reduce an undue burden on homeowners, the balance due will be limited to back taxes only or 10% of a homes taxable value. Whichever is less. The remaining balance will be paid back over three years, interest free. To qualify for the program, a one person household can't earn more than $19,303 a year and a household with four people can't make more than $28,671 dollars.

For more information on the PAYS program, the Governor's office recommends contacting your local country treasurer.

According to Genesee County Treasurer Deb Cherry, there were roughly 3,000 people in the county facing foreclosure at some point in 2019. Out of those 3,000, 1,100 were actually foreclosed on.

See original article by clicking here.

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IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. Housing Help of San Diego® and its Board Member(s) do not represent any government agency. Housing Help of San Diego® is a non-profit 501 (c)(3) tax-exempt organization; donations are deductible according to IRS Rules; California Nonprofit #C3686242.

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