Hardship relief for mortgage borrowers.

According to a New York Times story,

STRUGGLING borrowers may find more flexibility from lenders starting this month. Fannie Mae, which sets lending standards for most mortgages, will begin easing its policies for those facing what it calls “unique hardships.”

The company will allow borrowers to skip up to six months of payments in these circumstances: if a spouse is injured or killed in military duty, or if they are forced to vacate a home to replace defective drywall.

It appears that drywall imported from China is toxic, not just to people, but to wiring and pipes.  As a result,

Homeowners who experience problems with drywall must often leave their homes for months at a time while it is replaced. Though the issue is covered by homeowners’ insurance, some owners face difficulties paying their mortgage while also incurring additional costs for temporary housing.

So, have to get out to fix the drywall?  Let your mortgage servicer know ASAP.

 If you have questions about what you see here, contact 

Stephen M. Flatow 

Stephen's Title Agency, LLC 

StephensTitle@comcast.net 

973-556-1628 Fax