USDA temporarily suspends debt collections, foreclosures and other activities on farm loans weatherforddemocrat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from weatherforddemocrat.com Daily Mail and Mail on Sunday newspapers.
Canton Daily Ledger
WASHINGTON Due to the national public health emergency caused by coronavirus disease 2019 (COVID-19), the U.S. Department of Agriculture announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the U.S. Attorney’s Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice. Additionally, USDA has extended deadlines for producers to respond to loan servicing actions, including loan deferral consideration for financially distressed and delinquent borrowers. In addition, for the Guaranteed Loan program, flexibilities have been made available to lenders to assist in serv
Not only is USDA suspending the pipeline of adverse actions that can lead to foreclosure and debt collection, we are also working with the Departments of Justice and Treasury to suspend any actions already referred to the applicable Agency. Additionally, we are evaluating ways to improve and address farm related debt with the intent to keep farmers on their farms earning living expenses, providing for emergency needs, and maintaining cash flow, Bonnie said.
The temporary suspension is in place until further notice and is expected to continue while the national COVID-19 disaster declaration is in place.
The Farm Service Agency provides several different loans for producers, which fall under two main categories:
Pierre, SD, USA / DRGNews
Jan 27, 2021 1:09 PM
Due to the national public health emergency caused by coronavirus disease 2019, the U.S. Department of Agriculture is temporarily suspending past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency. USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the U.S. Attorney’s Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice. Additionally, USDA has extended deadlines for producers to respond to loan servicing actions, including loan deferral consideration for financially distressed and delinquent borrowers. In addition, for the Guaranteed Loan program, flexibilities have been made available to lenders to assist in servicing their
Thursday January 21, 2021 at 7:00 pm the Minnesota USDA Farm Service Agency (FSA) and Minnesota Cattlemen s Association will be hosting a webinar on USDA FSA programs that are available to support Minnesota s cattle industry. Some of the programs include Livestock Indemnity Program, Livestock Forage Disaster Program, Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish Program. There also will be a review of Marketing Assistance Loans, Farm Storage Facility Loans and the Conservation Reserve Program.
It seems there have always been a number of USDA FSA programs to support farmers and livestock producers. With the COVID-19 pandemic we have many more. It is tough to stay informed on all of them so, it seems like this webinar is a good idea. Livestock producers may quality for a program that you did not even know about! When you join the meeting you will be linked to a page and you can pick the option on the web or download an app for your desktop.