Jerry and Inez Baldwin had been counting on getting a small sum of money from the settlement of a class-action lawsuit involving toxic Chinese-made drywall.
The proceeds would amount to nowhere near the $180,000 that the Williamsburg couple lost after fleeing their contaminated home in June 2013, but it was the only money related to the defective wallboard that was set to come their way.
Now, though, mortgage giant Fannie Mae has staked a claim to their money - and that of nine other Virginia families whose walls seeped hydrogen sulfide into the air, sickening them and ruining air conditioners, wiring and other metal objects.
Jerry Baldwin said he and his wife, who moved into their home in 2006, were blindsided.
"We weren't looking to get rich off of that, but we were hoping it would help to compensate us for some of the physical loss and some of the emotional stress that we've gone through," Baldwin said.
No other lenders have submitted claims for money in the four Chinese drywall settlements in Virginia, said attorney Matthew Garretson, founder and CEO of The Garretson Resolution Group, which is charged with dividing the money among homeowners. About 250 homeowners have filed eligible claims for property losses.
A handful of insurance companies representing builders, suppliers and installers agreed to collectively pay $17.4 million.
Homeowners won't receive equal shares, but the amount works out to about $42,000 each. Attorneys have said some will get as little as $9,600.
Philadelphia attorney Arnold Levin, who is among several lawyers representing Virginia families in drywall lawsuits, said the settlement money is more significant to homeowners than it is to Fannie Mae.
The company has been "difficult to deal with, and they've taken a stance that other lenders haven't taken," Levin said.
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Chinese drywall victims face new hurdle | HamptonRoads.com | PilotOnline.com
The proceeds would amount to nowhere near the $180,000 that the Williamsburg couple lost after fleeing their contaminated home in June 2013, but it was the only money related to the defective wallboard that was set to come their way.
Now, though, mortgage giant Fannie Mae has staked a claim to their money - and that of nine other Virginia families whose walls seeped hydrogen sulfide into the air, sickening them and ruining air conditioners, wiring and other metal objects.
Jerry Baldwin said he and his wife, who moved into their home in 2006, were blindsided.
"We weren't looking to get rich off of that, but we were hoping it would help to compensate us for some of the physical loss and some of the emotional stress that we've gone through," Baldwin said.
No other lenders have submitted claims for money in the four Chinese drywall settlements in Virginia, said attorney Matthew Garretson, founder and CEO of The Garretson Resolution Group, which is charged with dividing the money among homeowners. About 250 homeowners have filed eligible claims for property losses.
A handful of insurance companies representing builders, suppliers and installers agreed to collectively pay $17.4 million.
Homeowners won't receive equal shares, but the amount works out to about $42,000 each. Attorneys have said some will get as little as $9,600.
Philadelphia attorney Arnold Levin, who is among several lawyers representing Virginia families in drywall lawsuits, said the settlement money is more significant to homeowners than it is to Fannie Mae.
The company has been "difficult to deal with, and they've taken a stance that other lenders haven't taken," Levin said.
more
Chinese drywall victims face new hurdle | HamptonRoads.com | PilotOnline.com
