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Show FmHA Issues New Regulations To Assist Farmers The Farmers Home Administration Administra-tion has issued new regulations designed de-signed to help financially troubled farmers and will begin operations under the new rules immediately, according to FmHA county supervisor Kendall Brinkerhoff. "The new regulations give us a whole line of possible actions to help FmHA borrowers who are behind be-hind in their payments through no fault of their own," Brinkerhoff said. The major new authority is the debt write-down feature, which is possible after all other options have been tried. Also, the write-down can be applied only if it would cost the. government as much or less than it would cost to foreclose. In that case, FmHA can write-down the amount of debt between that the farmer owes and the value of the. farmer's loan collateral. In 10 years, the farmer would have to pay back some of the write-down if the value of the collateral has appreciated. . Before a write-down is considered, consid-ered, the county supervisor will check to be sure other options such as the conservation easement or softwood timber programs have been considered. Other alternatives to help the borrower pay back his or her loans or stretching out payments pay-ments over a longer period of time. Brinkerhoff said there are 93 of FmHA borrowers in Garfield and Kane counties and of these, 9 are at least 180 days delinquent "The purpose of the new regulations regula-tions is to be sure we have done everything possible to help FmHA borrowers to stay in business and be sure that foreclosure takes place only after every other alternative has been explored," Brinkerhoff said. |