A new assistance program for families stricken with homes that contain corrosive Chinese drywall may not properly help those who are already in debt recover fully from construction costs they may incur.
According to the Wall Street Journal, more than 2,360 homeowners in 35 different states and Washington D.C. have been found to have the corrosive drywall in their homes. A majority of the homes found with the drywall were found in Florida, Louisiana, and Virginia.
Under the proposed HUD homeowner assistance plan, special forbearances would be approved for qualifying FHA-insured homeowners that would either suspend or reduce the mortgage payments owed for a period of time to allow the homeowner a chance to recover from the costs of replacing the drywall.
The Journal added that the cost estimates for drywall replacement can range from $80,000 to $100,000.
"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," said FHA Commissioner David Stevens.
Following the suspended payment period, borrowers would be given time to make their normal mortgage payments before beginning their repayment period.
While the HUD plan will likely help many homeowners, it may not be enough for affected families already facing debt before dealing with drywall replacement costs. While unable to cover all costs associated with it, such families may be able to benefit from payday loans to ease their financial burdens during such difficult times. 
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