Re: Foreclosure Help


Posted by OC Andy on September 19, 2007 at 19:54:47:


In Reply to: Re: Foreclosure Help
Posted by James on September 19, 2007 at 17:07:34:

The courts should have mailed you something that said when and where the sale was going to be held. On that letter should be your case number. You can check the progress of your case with the county clerk's office - either by calling them or through their website. If you are unsure of how to do this, let me know, I can probably check this for you and I won't need any personal or confidential info to do it.

Would the owner of the leased land consider rebating you a part of your prepaid rent for a little bit higher rent next year?

You may generally sell off the equipment if it was considered personal property that was transferred with the farm when you purchased it. If the equipment (the tractors, combines, etc.) was considered part of the assets that secure your mortgage, then the answer is no.

Some folks buy commodities futures contracts (corn futures, feeder cattle futures, etc.) to supplement their income every season. Do you do this as part of your business? If so, no is the time to sell those contracts.

If you are already trying to sell the farm through a short sale, then you may want to also consider selling a few acres or as much as you need to to raise the cash you need to bring your loan current again - better to lose some land than the whole farm.

The bank will want the entire amount that is delinquent in order to cancel the sheriff sale - that means all missed payments plus interest, fees, attorneys fees, etc. If you are unsure of the total amount, call the lender and ask them.

Did you have crop insurance for this year? If so, will they pay off based on the yield that you had or are expecting to have?

Have you checked with the NFO or your local Co-Op for any temporary loan programs that they might have?

I believe that the Ag Dept has a short term loan program that you can tap into for emergencies - you may want to check into this also.

If you have been farming for many years and the farm supports you and whomever else is involved at the farm, then try EVERYTHING that I have suggested here plus anything else that you can think of to avoid this foreclosure.

Good Luck


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