RFD-TV’s Kelly Theiss reports that the federal government will be looking to aid rural America in their financial burden, brought on by the coronavirus pandemic.
If an individual loses income due to the pandemic, lenders will allow that home or land owner to defer payments up to six months. Farm land and agribusiness are eligible for deferment. Marvin Anliker, the Market President of the American State Bank and Trust Company, states, “At the end of the day the loan will have to be payed back.”
Depending on the individuals lender, one can either pay a lump sum, modify their existing monthly payments, or tack on suspended payments at the end of the loan.
Experts stress that individuals talk to their lenders and bankers to see what strategies are best for them; also, to be proactive with this and do not wait until the issue escalates.
