taxsavers

SWM Financial Institutions Establish Tax Savings Accounts to Avoid Foreclosure

taxsavers

When it comes to keeping the spectre of tax foreclosure at bay, few officials can match the track record of Berrien County Treasurer Bret Witkowski. The last thing he wants is for his department to take over someone’s house. Now, thanks to five local financial institutions, he’s hoping to have even fewer people to have to deal with, and even ease the burden on his own department’s establishment of payment plans for the tax delinquents on his list.

Witkowski tells me that the five banks and credit unions he has created a relationship with for the project have introduced new savings accounts specifically established to help people save for their property tax bills.

Edgewater Bank, United Federal Credit Union, New Buffalo Savings, Honor Credit Union, and 1st Source Bank have all agreed to set up the new Tax Savings Account system.

Witkowski approached the local banks and credit unions about the concept of creating a tax savings account, which he says will help property owners save for their property tax bills and avoid foreclosure for unpaid tax bills.

ADVERTISEMENT
Your content continues below

Witkowski says, “When residents are able to pay their property taxes on time, taxpayers end up saving hundreds of thousand dollars per year.” He notes that the number of people who become delinquent on their property taxes has increased since the great recession, pointing out, “Even though our economy has improved, the number of people still delinquent remains just over 10-percent,” and he wants to do everything possible to not only improve the numbers, but also keep people in their own homes by avoiding the foreclosure ax.

Interested property owners can simply contact any of the five financial institutions to set up their tax savings account when they are ready.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

*