Is Bankruptcy and/or Foreclosure proceedings the same?
Foreclosure is usually forced by collateral holder.
Foreclosure= Creditor initiated process to take Real Estate
Is there a minimum number of credits they need to have
What kind of documentation is needed to show it is COVID related?
Bankruptcy= Debtor initiated court motion to liquidate assets chapter 7 or reorganization and continue to farm chapter 12 or federal code
So does negative financials also qualify as COVID negative impact or is it only mediation and bankruptcy?
So a farmer taking 20 credits is ineligible?
How is this going to be communicated to FLAG? Extension? MDA Advocates/Mediators? Lenders? Farmers?
Exactly Betsy - typically a farm that is in mediation or bankruptcy during this time period is not the result of Covid. It came from a much longer time frame of issues. Does that matter?
In MN a creditor has to offer State mediation or a 90 day talking or negotiation period prior to foreclosure (taking secured collateral assets) to explore less drastic activities rather than collect secured collateral assets or foreclose. Creditors can't foreclose during the 90 period.
covid has made their problems worse
If that is the case - few will qualify
Mediation often leads to Bankruptcy or Foreclosure, so more than likely it will be the same people in each group.
If mediation occurred during the time frame, but is now completed, does this student still qualify?
if they had Covid do you want a doctors note or what proof?
Wondering if prior to end of time frame, there will be update if money is available after mediation and bankruptcy are awarded...
would a dairy farms that had labor issues due to covid qualify?
Helluva good time to plug for MAAE membership!
I didn't mean two rounds, I just meant updates as money is awarded.
Thanks - we will have HLC folks on site next week in person!
are we supposed to rank applications