HUD has issued a press release stating that they are now offering assistance to homeowners with FHA loans who have defective drywall.
HUD has instructed FHA approved lenders to offer special forbearance to homeowners faced with financial hardship due to the effects of defective drywall.
“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."
HUD has stated that while a homeowner is under the special forbearance plan (which can last for up to 12 months), the lender cannot charge late fees if the homeowner is making timely payments.
The entire press release can be viewed by clicking here.
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Tina Merritt and her Associates. can be reached at email: tina@nestrealtygroup.com or 757-287-6338.
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