Borrowers whose homes have contaminated Chinese drywall may be able to have their mortgage payments delayed or suspended if a newly introduced Senate resolution passes, the Miami Herald reports.
The drywall, which has been determined to have elevated levels of sulfur and strontium, is estimated to be found in about 1,300 homes in 26 states and the District of Columbia. Federal investigators last week reported the elevated sulfur and strontium levels but stopped short of saying the drywall has caused the headaches, rashes and nosebleeds reported by homeowners.
Senators from Florida, Louisiana and Virginia have introduced the resolution, which, according to the Herald report, would carry no penalties but encourage lenders to offer payment relief to homeowners whose properties are affected.
SOURCE: Miami Herald