CHINESE DRYWALL RELIEF
Mortgage servicers have been advised by Fannie Mae and Freddie Mac that they will be working with the homeowners affected by Chinese Drywall in an effort to help them deal with the catastrophe of being out of the home or experiencing some setbacks due to Chinese Drywall. Beginning in mid July Fannie Mae will be granting a 6 mth delay on loan payments and Freddie Mac is currently allowing a 12 mth delay on loan payments for homeowners who are dealing with the existence of Chinese Drywall in their homes.
They will require a property inspection to determine and confirm that there in fact exists a drywall problem and will be granting the deferments on a case by case basis.
Homeowners can verify if their mortgages are owned or guaranteed by Fannie Mae or Freddie Mac by searching their websites.
www.fanniemae.com/loanlookup
www.freddiemac.com/corporate
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