Hot answers tagged patch
Cut the foam flush, cover it with real drywall, and apply your mud over that.
If the spot is really bad, you can cut it out with a saw, and replace with doweled and glued good wood. Since you're painting, a carefully done job of this shouldn't even be visible.
There is a product that we use called "Power Grab". I recently used it on the edge of a piece of cracking sheetrock to try to hold it together (later to be painted). I pressed it into the cracks and all over the surface, wiping it smooth. It turned a ragged edge solid again, making it almost like it were plastic coated, and looked acceptable when painted. ...
What you have is a system called EIFS for short. Here is a link to get to the care and repair of this type of finish. Sto Exterior Insulation and Finish Systems (EIFS) Manuals: StoTherm EIFS Repair and Maintenance Guide
Dig out any rotted wood that you can get to. Soak the wood with wood hardener around the patch area to stabilize the rotted/deteriorated wood that you couldn't get to. Fill with bondo or wood filler in 1/4" layers until slightly bulging from the patch area. Chisel/file/sand down when the final layer is almost completely dry with a sanding block. Prime ...
Imperfections are hard to see on a white wall. I learned that adding some tint to primer makes the imperfections obvious BEFORE you paint the whole wall, so they can be patched before finish painting. I add a little of the same paint I am going to use to the primer.
Only top voted, non community-wiki answers of a minimum length are eligible