Seeking Solutions in Difficult Times
Debt happens to farmers. In fact, the need for investments in land and equipment requires most farmers to carry debt. Unfortunately, it can lead to farm foreclosures and major lifestyle changes.
The Minnesota State Legislature recognized the need to support both farmers and lenders in managing agricultural debt. The 1986 Omnibus Farmer-Lender Bill includes a program of farmer-lender mediation to facilitate discussions on credit problems. Since 1986, University of Minnesota Extension has managed this successful mediation program.
In 2008, 2,002 mediation cases were opened, and $156.3 million in debt was negotiated. This mediation means better results for farmers, as well as banks, implement dealers and manufacturers, credit services and other lenders who are critical to rural America.
To take advantage of the mediation opportunity, the debtor must request services within 14 days of a creditor’s notice. Contact the Farmer-Lender Mediation Office
About Farmer-Lender Mediation
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