They can't "call in" your mortgage note any sooner than due, unless you default. In other words, you are entitled to keep making payments according to the terms of the note until paid- 30 years out, if thats what the terms are.
On the other hand, if you have an annual "operating" loan that comes due every year, but you always "roll over" the remaining balance into a new note for next year, don't count on that happening again if your bank fails. They will sell the note, and the buyer may not be comfortable with ag lending- would then just tell you they're not renewing, and you've gotta look elsewhere.
Banks are getting a little less stringent about exercising their rights on loans that are performing, however- they've got enough trouble with non-performing loans without trying to make trouble for those that are still performing. For instance- most home mortgages have a "due on sale" clause- if you sell your house, loan must be paid in full, the buyer can't assume it without bank's permission (which was never given- they want a new loan, with new loan fees). Had a client wanting to buy a place in foreclosure- would catch up the back payments, and continue making payments. I called the lender about permission- he said they can't give written permission, but unofficially have adopted a "don't ask, don't tell" policy- if the loan gets caught up and taken out of foreclosure, and someone continues to make the payments, they're not going to get nosy about what happened. "We're up to our a$$ in alligators- there's enough bad ones that we don't have the time or the inclination to go around poking the good ones".
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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