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