Posted by Frank 41 on April 19, 2013 at 15:16:05 from (50.122.43.79):
In Reply to: Bank selling farm posted by sirhc on April 19, 2013 at 09:09:36:
I had an attorney teaching a RE class in Champaign, IL. He told of a client in this position. Farm Credit won the bid but did not bid what was the total default was. This was, I think prior to the sheriff sale. Then just 10 monutes before the sheriff sale, the owner lined up some one to buy the property and he was going to keep the buildings. They bid just over the amount that Farm Credit bid in the limited time and got the the property back. Farm Credit lawyers messed up and it cost them $75K.
I would think in todays paper shuffle, this could not happen. The only thing worse than banks to deal with would be credit cards or loan sharks at 20 -30% interest.
The worst thing is most people wait about two years too late to try to do something about their situation. They keep thinking that things will get better, prices will go up, and etc. The quicker they act the better things will be unless the banks favorite customer wants the farm. And a bankruptcy will bring on a divorce or a divorce will bring on bankruptcy.
Hope they get things worked outsome what in their favor.
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