FHA has announced a program whereby homeowners with FHA mortgages who have been affected by recent issues with defective drywall can temporarily suspend or reduce payments on their mortgage in order to give them the additional cashflow that they might need to deal with those drywall issues.
We’ve previously commented on serious issues with this drywall, often called “Chinese” drywall since most initial reports related to drywall that had been imported from China, although later reports have indicated that similar issues may exist with some domestically-produced drywall as well. In HUD’s mortgagee letter 02-17, released today, HUD and FHA ordered lenders to provide reduced or suspended payments to affected homeowners who have FHA-insured mortgages.
“We’re instructing our FHA mortgage lenders nationwide to extend temporary relief to allow these families time to remove problem damaging drywall and repair their homes,” said FHA Commissioner David Stevens. “We want to remove additional pressures for these families as they find solutions to allow them to return to a safe, decent and sanitary home.”
Affected homeowners who have FHA financing on their property are advised to contact their loan servicing company to explore their options under the new mortgagee letter.
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Certified Chinese Drywall Testing
on Dec 31st, 2009
@ 4:50 pm:
Testing for Chinese drywall has not been regulated. Make sure you choose a testing protocol that is insurable for Chinese drywall.
visit http://www.certified-chinese-drywall-testing.com for more information
Chinse Drywall Adviosrs
on Sep 2nd, 2010
@ 5:01 am:
Chinese drywall looks like regular sheetrock, but as the years pass it turns toxic.
Over 500 million pounds of drywall shipped to the U.S. from China during the housing boom following Hurricane Katrina contained potentially toxic materials that can release gases believed responsible for damaging homes and causing health problems.
Chinese drywall advisors provide their services of Chinese Drywall inspection and testing specially for Florida houses having problem. If your home has been damaged by defective Chinese drywall or if you have suffered problems related to Chinese drywall please contact us today at 561-214-3393 or by filling out the form on this page “http://www.chinesedrywalladvisors.com/contact-chinese-drywall-advisors.html “