Cooperators, Stakeholders and Partner Organizations,
On tomorrow the Farm Service Agency (FSA) will mail letters to each farm loan and farm storage facility loan borrower nationwide providing clarification on the temporary suspension of past due debt collections . Several past due, distressed loan borrowers have received Intent to Accelerate notification letters from their local FSA offices. Tomorrow’s letter from the FSA Administrator, Zach Ducheneaux, assures borrowers though statute requires those notifications be sent to inform borrowers of their options, FSA will NOT be accelerating or foreclosing on any direct loans, regardless of payment status, while this suspension is in effect.
As a partner organization we ask that you help convey this message with borrowers and the general public you engage with. Encourage borrowers to gain a better understanding of the servicing process and options that may be available. A copy of the Administrator’s letter will be posted publicly online here as part of the Administrator’s video blogpost that will be postedlater tonight.
Apologies for an email so late in the day but we really wanted to get this information out to you first. Thanks for your continued partnership and assistance to farmers, ranchers and landowners nationwide!