Harold:
This is a common problem in older homes with mortar style chinking. You can repair the old chink with the new latex chinking. You just have to apply it where the old chink fell out. To help keep your home warm in the winter you should have the entire home re-chinked on the exterior, and maybe the interior if it is really bad. You should also consider having the exterior corncob blasted and re-stained before the new chinking goes on, as it can be a lot bigger project afterwards. Let us know if we can help further.
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