In an effort to help people retain their homes during this difficult period, the Wayne County Treasurer is offering a special one-time only program known as Interest Reduction Stipulated Payment Agreement (IRSPA). To qualify for the plans the owner must have a Principal Residence Exemption on the property (aka Homestead), be able to make a down payment of 10% of the outstanding delinquent base taxes, and make monthly payments equal to about 3% of the base tax owed over a maximum period of five years to pay the delinquent taxes. The interest rate on the delinquent taxes will be reduced from 18% to 6% retroactive to the first day of delinquency. You must also make timely payments on your current taxes - you can't get further in arrears.
If the taxpayer makes the agreed payments, the interest rate stays at 6%; failure to stay compliant, the interest rate will go back to 18% and the house will be subject to foreclosure.
1) The program is available now
2) The program will sunset at the end of June 2016
3) The forms are available at the Wayne County Treasurer's office in Detroit. You must make the initial 10% payment and sign the paperwork there to become a part of the program.
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