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What is a Notice of Intention to Foreclose?

April 26, 2017foreclose Intention Notice

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What is a Notice of Intention to Foreclose?

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10 Posted

A Notice is required by law to advise the farmer and the Board that the creditor intends to ask the court s permission to foreclose on a mortgage. The Notice is to clearly state the details of the mortgage loan account, the farm land that secures the mortgage, and the obligations of the farmer. The Notice begins a period of financial review and mediation whose objective it to settle the matter without involving the court.