HUD Steps in to Help Chinese Drywall Victims December 23, 2009

Chinese drywall victims may soon get some help from the United States Department of Housing and Urban Development. This is particularly true if the homeowner has an FHA insured mortgage.

HUD announced this week that they have instructed lenders to offer help to homeowners dealing with Chinese drywall. In this case, the word “help” means a reduction of payments or a temporary suspension. Either way, qualified homeowners will be getting a lot of help.

FHA Commissioner David Stevens released a statement saying, “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.”

With most builders unwilling to help Chinese drywall victims, the problem lies solely on the homeowner. On average, it costs $100k to replace tainted drywall and the appliances and wiring it has effected. As you can imagine, this is an expense that 99 percent of homeowners cannot afford to deal with. And of course, they should not have to.

It is good to see that the United States Department of Housing and Urban Development has stepped forward and is doing what they can to financially assist Chinese drywall victims.