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Palestine Illinois | I just called our Farm Credit loan officer to ask about this. He said that there is a due on demand clause...but it only applies if you default. As long as you do not drastically alter the property and make you payments they can not act on it, nor do they want to. Part of the problem in the 80's was that they were selling long term fixed mortgages and buying short term rates. When rates went up they were upside down, and wanted a way out. Now they are offsetting long term with equal term so the chance of getting inverted in nearly impossible.
This is a good topic and peaked my interest enough to make a call.
Kurt | |
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Long term interest rates...
