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Farm Foreclosures not Currently A Concern in SE Iowa

Posted: Tuesday, January 5th, 2010 at 7:28 am

press play to hear from ISU Extension Farm Management Specialist Jim Jensen

U.S. Agriculture Secretary Tom Vilsack is calling on Farm Service Agencies to work with producers who are at risk of defaulting on federal loans. Jim Jensen with the ISU Extension Services Mt. Pleasant office, says in this area, that’s mostly livestock farmers. Jensen says it’s very important for farmers who are at risk of foreclosure, to maintain good communications with their lenders. The federal government’s moratorium on FSA foreclosures expired in the fall. The Iowa Mediation Service — a nonprofit program that helps borrowers work with lenders to refinance loans and avoid foreclosures — expects farm foreclosures to increase in 2010. The Regional FSA office in Mt. Pleasant says there aren’t many cases such as this in southeast Iowa. However, they say 2010 will be a challenging year.