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On 11/29/2010, Fannie Mae issued a service announcement modifying its current policy for unique hardships from problem drywall. To view this update, please visit www.krossinspectors.com/chinesedrywall.
Our review of the updated policy did not reveal any significant changes to the announcement made by Fannie Mae earlier this year. The original announcement allows for a forbearance of six months to those homeowners that prove they have suffered a hardship due to REMEDIATING a home that had defective drywall. The updated policy provides for additional extensions of this term.
Unfortunately, the only borrowers that may qualify for forbearance are those that spend the money in order to remediate. With cost of remediation being tens of thousands of dollars, this assistance from Fannie Mae remains to exclude a typical borrower that owns a home with defective drywall!
Consultations are available to those considering purchasing a Chinese Drywall home and those that may suspect their homes contain defective drywall by calling toll free 1-877-496-4662 .
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