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southern MN | Had that happen, they were under water on the loans with the devalued land values. They weren’t in real deep, but had just married, combined some farming, and bought new equipment to make the double farms work out. Then the crash hit.
Their kid (remarriage) had a free and clear 40 from father passing.
Bank had the under age kid sign over the 40 acres or they would pull the loans.
After the kid signed over the land.
The bank pulled the loans anyhow. Got the whole farm plus the 40 acres.
Down the road a ways, fella was in so deep they wouldn’t have gotten anything if they called in his loans. So him they forgave over half the loans and actually extended more credit, sold him some of the land they were for losing on. So the actual poor credit risks and blowhards they grew out of debt by supplementing them more land at half off.
Rotten, rotten time with rotten people at the helm.
Paul | |
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Loans called in the 80’s vs what could happen now?
