WAYNE COUNTY, Mich. – The Wayne County Treasurer's Office announced Monday the extension of a program that reduces interest rates for homeowners at risk of foreclosure.
The program reduces the interest rate to 6 percent from the usual 18 percent for homeowners. The result is a reasonable monthly payment amount that helps hundreds of families stay in their homes.
The program expired last year, and during the first two years of the program, nearly 50,000 Detroit families facing foreclosure were able to keep their homes.
The program has now been renewed as of April 10 and 575 people have already enrolled in the program.
There are currently more than 12,000 properties at risk of foreclosure in Wayne County and more than half are occupied. The remaining properties are vacant.
The 2017 plan was signed into law by Governor Rick Snyder this month. It will expire in June of 2019.