Posts Tagged ‘Won’t’
Best answer from question by NONAME:
Answer by ihateinternetdating
This is an easy one, I’ve run into this too. Federal foreclosure laws are WAY different for residential than for agricultural land. If you default on a residential loan, and they foreclose, the redemption period is 3 months, then they can take the house and evict you.
For agricultural properties the redemption period is a year. So you can stop making your payments this month, and basically get to live in it totally free from now until January, 2009. That’s why they won’t loan on it, a lot of people have taken advantage of that loophole.
It’s because the farm properties are considered income producing, so they can’t take away your livelihood.. 10 points, please! :)
Best answer from question by jneal83:
Answer by Frank O. American
It depends how hard you are.
