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Tax foreclosure rates in Detroit drop to lowest level in 10 years …


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Detroit’s tax foreclosure rate is at it’s lowest point in nearly a decade.

DETROIT (WXYZ) – Tax foreclosures in Detroit are the lowest they’ve been in almost 10 years. City officials say it’s all thanks to an initiative that helps people stay in their homes.

This program doesn’t just help homeowners but also renters.

Denise Tanks has lived on Detroit’s West Side her whole life.

“I do want to be a homeowner, I just didn’t think it would happen this soon,” she said.

Earlier this year she rented out a home for her and her two kids.

“It was nice and spacious on the inside as well. My daughter loved it. We just fell in love with it.”

Four months later, she received letters that said her landlord is facing a tax foreclosure. She knew she had rights as a tenant, but she didn’t know she could actually purchase the home.

It wasn’t until neighborhood groups went door-to-door telling her and others about a city program.

She’s now becoming the home’s owner, thanks to the Interest Rate Reduction program that helps people get on payment plans to help stay in their homes.

“We can’t stabilize neighborhoods if we keep moving people out,” said Mayor Mike Duggan.

He tells us more than 700 owner occupants had foreclosed this year. That’s down 70% compared to 2015.

“This is a great case with the city, the County, the community groups all came together and are keeping people in their homes and next year our goal is: we are going to get it down even further,” he said.

Denise is only a few weeks away from owning this home and now she is advocate trying to spread the word.

She added, “Just motivates me to get a lot of people involved because it would save so many homes and so many lives with it.”

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Article source: http://www.wxyz.com/news/region/detroit/tax-foreclosure-rates-in-detroit-drop-to-lowest-level-in-10-years

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