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Milwaukee programs help home buyers to rehab foreclosures

Some people think of tax foreclosures as homes that are distressed. A new program in Milwaukee offers some help to homebuyers who are interested in buying one of the tax foreclosures from the city. The PyraMax Bank Milwaukee Tax Foreclosure program will help people to buy properties from the city. The program includes up to $20,000 as a forgivable loan from the Department of City Development that can be used to fix the property. An additional $50,000 from the Wisconsin Housing and Economic Development Authority might also be available for rehab costs.

The program might be a viable option for people who have past credit issues, such as old credit card debt. The program looks primarily at the past two years of credit history, so older credit issues might not be considered. Some of the banks offer programs to boost the borrower's credit score.

The city has over 1,000 titles for foreclosed properties. Of those, around 500 are likely going to be demolished this year. With more than $900,000 available, at least 40 buyers can get help to purchase city properties. Additionally, the WHEDA has a revolving fund of $8 million that will likely help 320 buyers.

The number of foreclosed properties in the city is expected to rise. There were more than 3,000 properties that were at some stage in the foreclosure process as of last year. While these two new programs won't help you keep your home if you are in foreclosure, you still might have options to keep your home. Seeking the assistance of a Wisconsin bankruptcy attorney might help you to discover if bankruptcy or loan modification is an appropriate way to keep your home.

Source: Urban Milwaukee, "New Loan Program Will Help Rescue Foreclosed Homes" Kelly Meyerhofer, Feb. 09, 2014

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