By Randall Pence, Capitol Hill Advocates, Inc.
The drywall issue continues to develop and have impacts throughout the home sales businesses. The broad potential economic impact could be enormous.
The following is a release from HUD in early January regarding a possible source of funding for FHA-insured homeowners to remediate.
The U.S. Department of Housing and Urban Development has announced 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.
“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."
FHA Type 1 Special Forbearance (noted in Mortgagee Letter 2002-17, available at:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/2002ml.cfm
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/ml02-17.doc provides relief that is not typically available under an informal forbearance or repayment plan. This relief provided can include one or more of the following:
suspension or reduction of payments for a period sufficient to allow the borrower to recover from the cause of default;
a period during which the borrower is only required to make their regular monthly mortgage payment before beginning to repay the arrearage; or
a repayment period of at least six months.
HUD is instructing lenders that no late fees are to be assessed while the borrower is making timely payments under the terms of the Special Forbearance plan. The total arrearage for a Type 1 Special Forbearance cannot exceed 12 months of delinquent payments. Lenders can review borrower applications and make a determination as to the most appropriate loss mitigation tool including loan modification, partial claim, or FHA HAMP. Any questions or clarification regarding the Type 1 Special Forbearance should be directed to the HUD National Servicing Center at 888-297-8685.
About Steve Zivolich and Guaranteed Property Inspections: www.gpinspect.com
Steve Zivolich, M.A., the owner/operator of Guaranteed Property Inspection and Mold Investigation Inc. has been providing property and environmental inspections for over 13 years in Orange County and Southern California.
Steve Z. has performed over 6,000 home inspections, mold, energy and environmental inspections and is fully certified and insured to meet all your inspection needs. He personally provides all field inspection services and as a result is able to maintain the highest Better Business Bureau rating of A+.
Steve has extensive training and years of experience as a home, mold, energy and environmental inspector that will guarantee that you receive the most thorough, state of the art and comprehensive inspection that follows current industry standards of practice and codes of ethics, a true value and education at a fair price. He conducts every inspection, as if he were moving his own family into the property. Steve also backs up every home inspection with a 90 day warranty, that is purchased on your behalf from American Home Warranty Association.
Unlike other home inspection companies, who will need to refer you to an environmental and/or energy audit contractor, Steve is a nationally certified expert that can handle the job without making you jump through hoops to hire additional people before the end of your inspection period, including the areas of: mold, asbestos, allergens, child safety, radon, formaldehyde, energy, EMF, water quality, and VOC's. As a result of his advanced training, he is able to offer a FREE energy audit and FREE mold investigation as well, with each home inspection.
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Please take the time to read through Steve's home inspector credentials and qualifications as this is so important when hiring an inspector. Don't focus on price alone, focus on value, quality, experience and professionalism. When you hire an inspector, any inspector, you are hiring their individual knowledge, experience and qualifications so make sure you hire the best, not just the cheapest. We are confident that you will be Steve's next satisfied customer.
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Please take the time to read through Steve's home inspector credentials and qualifications as this is so important when hiring an inspector. Don't focus on price alone, focus on value, quality, experience and professionalism. When you hire an inspector, any inspector, you are hiring their individual knowledge, experience and qualifications so make sure you hire the best, not just the cheapest. We are confident that you will be Steve's next satisfied customer.
