The U.S. Department of Housing and Urban Development announced in a press release on December 22, 2009, that FHA-insured families experiencing problems associated with problem drywall may be eligible for assistance to help them rehabilitate their properties. In addition, HUD's Community Development Block Grant (CDBG) Program may also be a resource to help local communities combat the problem.
FHA is reminding its approved lenders that they are to offer special forbearance for borrowers confronted with the sudden effects of damaging drywall products in their homes including the financial hardship associated with related home repairs.
According to the article, Special Forebearances can include a suspension or reduction of payments, and repayment periods of at least six months.
"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."
Click Here to view the Press Release from HUD and for a link to the CSPC website for more information.
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