Farm Foreclosures Fiction
PRESS RELEASE BY MR BILL THOMPSON - 24TH SEPTEMBER 2007
We confirm the rumours concerning a significant number of mortgagee sales and banks taking possession of farms is NOT true.
Before any action can be taken under a farm mortgage a Farm Debt Mediation Process must be undertaken. Kevin Ekerick from the Rural Assistance Authority telephone 1800 678 593 has confirmed there is no doubt the drought especially this year has placed pressure on farmers. However it is crucial that farmers keep in contact with their bank managers.
Kevin advised that in the last six months an average of five to six Farm Debt Mediation Kits have issued. During September no Farm Debt Mediation Kits have been issued in the West Wyalong, Temora, Ariah Park, Ardlethan, Barellan, Tallimba and Weethalle area. The rumours are false. According to Kevin often the kits are issued to second tier lenders and to people who have been through the Farm Debt Mediation process before.
Before a bank can take action a mediation notice must be given to the borrower giving the borrower 21 days to organise a mediation which must take place within three months.
Other important contacts include:-
We confirm the rumours concerning a significant number of mortgagee sales and banks taking possession of farms is NOT true.
Before any action can be taken under a farm mortgage a Farm Debt Mediation Process must be undertaken. Kevin Ekerick from the Rural Assistance Authority telephone 1800 678 593 has confirmed there is no doubt the drought especially this year has placed pressure on farmers. However it is crucial that farmers keep in contact with their bank managers.
Kevin advised that in the last six months an average of five to six Farm Debt Mediation Kits have issued. During September no Farm Debt Mediation Kits have been issued in the West Wyalong, Temora, Ariah Park, Ardlethan, Barellan, Tallimba and Weethalle area. The rumours are false. According to Kevin often the kits are issued to second tier lenders and to people who have been through the Farm Debt Mediation process before.
Before a bank can take action a mediation notice must be given to the borrower giving the borrower 21 days to organise a mediation which must take place within three months.
Other important contacts include:-
- Local Rural Counsellors such as Carl Scrupe 6927 6622
- Drought Support Workers such as Wendy Jennings 6938 1987 or mobile 0427 957535
- NERRCS Drought Facilitator Yvonne Hitchenor 0407 298278
- Your local Accountant and Solicitor
- Agricultural Consultants such as Tony Paton 0428 694681 and Jason Frecklington 0408 164568
Bill Thompson
on behalf of Regional Lenders