What are Banks doing about Chinese Drywall
Saturday, April 11, 2009 posted by larry4cat
I would like to hear from people who have chinese drywall and contacted their Bank to put a freeze on their mortgage because they are now forced to move out of their house. Please tell me what the bank is doing for you.
12 Responses to “What are Banks doing about Chinese Drywall”
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Cat yes I could use a good law firm
Daysta ,
My lawyer is working on an abatement due to uninhabitable living conditions. I know I can’t afford to rent and pay my mortgage and if I can’t pay my mortgage then the house will go into foreclosure and the lawyer will lose the case. So if you have a lawyer I would put pressure on them to get in touch with the bank on your behalf. Let me know if you need a recommendation for a good law firm.
I too have Wells Fargo and they acted like they knew nothing about chinese drywall. They will not return our telephone calls in the mitigation loss department. What are we supposed to do? We have excellent credit and I guess now we won’t, because we are probably going to stop paying the note. We have to rent another house to live in. We are going to have to sue our homeowner’s also for loss of use. I am sure there is someone out there who has let the banks start forclosure proceedings on the chinese drywall houses, what happens next?
Don’t foreclose…the banks can still come after to you. Go through bankruptcy Chapter 13. No one can touch there….this is what we will be doing. The homebuilders, A/C repairmen, the government, the banks, the insurance companies…..you name it, they will all rot eventually. Our country is in a state of deterioration thanks to all the gredy SOBs….and there’s nothing we can do about it.
We have Wells Fargo and they are pretending they never heard of it either. We asked for a temporary forbareance to help with many new expenses that have arisen from this- furniture replacement, attorneys, medical expenses, testing ect, while we work with the builder to try and get the property made 100% right. The cross contamination to block and studs is so bad, we fear, only a bull dozer can fully remedy this problem. Slapping new board up over contaminated block and studs, will just create a repeat of the trauma we experienced in that home, at a slower rate.
Wells Fargo for months now has been saying they are loosing papers, asking for things to be resent and giving us the run around. We still do not know if we will be approved for one or not. If they do not want to partner with us, to try to salvage any value out of that property, they too, can come grab the worthless toxic hazzard then. We’ll give them the keys and they can deal with it.
We’re tired and just want to get on with a safe and healthy life already. The resistance we are all met with to getting help, results and truthful answers, is just ridiculous.
Anja, don’t feel bad that you did not get to live in a toxic gas chamber. Feel fortunate that it was caught early enough before you had to suffer deteriorating health, watching your child suffer as well. I also have to live with the guilt of what I put my daughters health through in that place. Feel fortunate that you did not also have to replace thousands of dollars worth of your newer electronics, or moved your furniture in for it to become contaminated to the core and become unuseable and worthless as well.
It was so bad, it was still causing exposure symtpoms for weeks after we moved it into the rental. We had to get rid of it all, about $75,000 worth. Most of it was only 2 years old. We are now sleeping on new matresses on the floor, even though we had tens of thousands worth of bedroom furniture. At least now, we are sleeping without sore throats, headaches, burning lungs, coughing, sore noses, lyringitis and pulmonary edema attacks.
Guess why some people say they get a metalic taste on their tongues when visiting these homes? It’s from the mercury vapor that leeches from this sloppy synthetic drywall. From what I have been researching, I wouldn’t trust any synthetic gypsum made anywhere. It doesn’t matter how much lipstick the makers and EPA put on it, it is still the toxic waste from coal fired plants, recycled into a board at the end of the day. Sure they saved the atmosphere from this garbage, and just moved it to the inside of our homes instead. Thanks a lot EPA.
U.S. brands using this “clean the atmosphere pollute the home interior instead ” process for making fake gypsum with “extras” are showing the same symptoms in the homes.
http://www.cnn.com/video/#/video/us/2009/06/04/willis.toxic.drywall.cnn?iref=videosearch
Ruined credit can be rebuilt in a short period of time. Permanently damaged vital organs can not be. Maybe if the banks get stuck with these worthless toxic waste disposal sites, posing as homes, the pull they have with the government will get better and quicker results, so no one has to suffer through this again.
What irks me the most about Wells Fargo is that they received 25 billion in a handout and another 25 billion in a tax credit and they are giving us a run around over a 3 month mortgage payment forbearance, to help us through this disaster.
We will have to pay it eventually if it ever gets approved. We will have to go through another approval process to have it put on the back end of the loan as well. If they even appprove the 3 months, they want it back in full at the end of the 3 months. Thats not going to happen.
We put 20% down and have stellar credit and have been good customers. If push comes to shove, we will be shoving that toxic waste dump their way with the keys in the door.
my husband and i have chinese drywall in a home we built in florida. thankfully we never lived in it since i was pregnant and we now have a 5 month old. we put all the cash we had into building this home. now its worth nothing. we will never live it….nor will we risk the health of our baby or us.
if the bank does not grant us a forbearance….they can have the house back. it wont be worth anything to them either.
we dont have the money to pay it back…so they can have it if they dont work with us.
thanks for the site.
anja archer
National City is just the same. After several attempts to speak to a live person and 45 minutes of listening to that awful music, the bank told me that I needed to speak to my insurance agency. When I approached the delicate subject of the insurance money running out they told me that it would be my families responsibility to pay our mortgage and rent elsewhere while our home is being re-built. With that kind of compassion… they can have the house that is now worthless!
That’s funny that none of these banks know anything about it. Especially Countrywide being that I called them in February and they gave me the same line.
I called GMAC mortage and they say I am the first person to call in with Chinese Drywall. I said I would like to re-negotiate my mortage or freeze the payments until the home is fixed. They said to contact my builder. I told them I dont think you understand what I am telling you. I said so you would like me to foreclose on the home instead of us trying to work together. Then he said they are sending me out a package from the loss mitigation Dept and will be reviewed in 14 days.
Countrywide had no idea about what Chinese drywall was. They are reviewing the case in 30-90 days. In the meantime I’m stuck with the mortgage and additional rental fees. Oh, and any forebearance they MAY approve, will be due in a lump sum at the end of the time period they authorized.
It sucks. Makes you feel like wanting to foreclose and taking a massive credit hit… what’s the point? You’re losing money every day and the house isn’t worth anything. I wouldn’t wish this on my worst enemy.
I am wondering if the banks are notified if they might call in the loan, after all if the house is worthless why not foreclose?
I have Chinese Drywall and called Suntrust who new nothing about it. After spending 1hr on the phone they are finally sending an inspector to my house. I will let you know how it goes.