Chinese Drywall Settlement- Good News For Homeowners

Chinese Drywall Settlement- Good News For Homeowners

Florida homeowners who have Chinese drywall may finally get some relief. Homeowners settled a case against one of the biggest manufactors of defective drywall- Knauf Plasterboard Tianjin Co. They settled for

This one settlement may be able to help at least 3,000 homeowners who have the defective drywall in their homes.

More than 8,000 more homeowners in Florida may also be reaching some settlements with other drywall companies. The drywall is made in China.

Banner Supply Co. a Miami firm that distributed the imported from China drywall also settled by agreeing to pay up to 54 Million dollars to compensate about 2000 homeowners.

If you have Knauf drywall you need to act now. Don't wait the attorneys are saying. You can choose a cash payment to or Knauf will choose a contractor for you and they will pay them directly. Knauf is also paying for economic losses such as foreclosure and attorneys fees.

You can expect to get a notice about the settlement in the early part of 2012. All work will commence in January of 2012.

Knauf has a pilot program going on to see how this will all work out. So far in their pilot program 421 homes are being prepared to get their repairs, 57 are being worked on and 37 homes have been repaired.

Around 40% of all the homes affected by this settlement are in South Florida. If you have Chinese defective drywall check with an attorney to see if your manufacturer is reaching a settlement with homeowners.

To find out more about Chinese drywall you can read these posts that I wrote about it here:

Chinese Drywall- If You Have Chinese Drywall

Chinese Drywall- Your Insurance Company

The builders started to buy the drywall made in China after Hurricanes Wilma and Katrina because there was too much of a demand and not enough supply to keep up with the housing boom at that time along with repairs that needed to be made from Hurricane damage.

2011 December Blogging Challenge- Day 23- Keep On Top Of Local Issues To Help Homeowners