A home is one of the most important investments Wayne County residents can make in their lifetimes. But with the financial crisis of recent years, many saw these important investments lost to foreclosures. Indeed, many are still fighting today to stop foreclosure on their homes as the economy remains challenging in many ways.
Recently, some potentially good news arrived for a number of these homeowners. Those who are in danger of losing their homes due to unpaid property taxes may get some relief from a bill which just passed the Michigan House of Representatives. It should be noted that the bill is not yet law; although it is generally expected to pass in the Senate, anything could happen between now and then.
Were it to become law, the bill would enable these homeowners to sign on to plan to help them pay their delinquent property taxes in installments. Those who make all of their installment payments would have any interest and penalties waived. The bill would only apply to those homeowners facing tax foreclosure on their principal residences who are struggling with financial challenges.
In Wayne County today, just about any initiatives to help homeowners stay in their homes are going to be good news. And while this will potentially help some, many face foreclosure for reasons above and beyond delinquent property taxes. Overwhelming credit card debt, for example, can eventually lead to the loss of one's home to foreclosure, and this bill does not target Wayne County residents in a situation like that.
Some may immediately associate filing for bankruptcy with losing one's home, but the fact is that Chapter 13 bankruptcy actually allows many to keep their homes and other assets while still obtaining the debt relief that they need. Chapter 13 entails manageable payments over a number of years, after which any outstanding debts are discharged. A legal professional can help local residents facing foreclosure explore this option in greater detail.
Source: WOOD Radio, "Help For Some Who Are Behind In Property Tax Payments," Sept. 10, 2014