White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1933-11-09

Called Off By
FCAConlmittee
FEDERAL LAND BANK OF SPO-
KANE IS OFFERING AID
TO FARMERS

Farmers whose properties are threat
ened with foreclosure are assured that
their applications for farm loans Will
receive prompt attention by the Federal
Land Bank of Spokane, according to
T. M. Ehrhardt, President.
At the suggestion of the Farm Credit
Administration Of Washington, D. G,
committee on emergency cases has
been organized in each Federal Land
Bank. The purpose of this committee
is to hasten consideration of applica-
lions for loans sought for the purpose
of paying encumbrances on which fore
closure is pending or close at hand.
Faced with the loss Of their property
by foreclosure proceedings, the owners
of farm in Whitman County, Wash
ington, received the welcome news rev
days ago that the Federal Land Bank
of Spokane had approved loan on
their farm in sufficient amount to pay
off the threatening lien," A. Olsen,
chairman of the Spokane Bank Com
mittee said, with other sources OF
credit gone the family, in an effort TO
avert the foreclosure Of their farm, APP
piled for a Land Bank loan. The holder
of the mortgage had threatened fore
closure and had retained an attorney
for that purpose. The situation was
one requiring prompt action. upon
making their plight known to the Farm
Credit Administration of Washington,
d. c.. immediate contact was had With
the Federal Land Bank of Spokane
which. after being satisfied that the
security was adequate, approved the
loan"
Individual cases were mentioned as
follows:
Proceedings we're started to cancel
Washington farmers purchase contract
on his home, partly paid for. lmme-
, diate appraisal was ordered and the
security was judged sufficient to allow
, loan large enough to pay the balance
on the contract price of $4,000. A $4,000
note was cancelled from the indebted
ness thus allowing the farmer to pay
! off all his debts on the loan allowed.
The farmers home had been fore
closed and sold for $4,000 in another
: case reported. Delinquent taxes am
: ounted to 1882 The holder OF the sher-
;, IFS certificate agreed to accept $294'
= upon being advised that that sum was
= the maximum loan possible. This seal
8 ing down of the farmers debt by the
sheriff's sale purchaser was sufnclent
to save the original farmer from losing
his home, as the appraisal showed
, values sufficient for q loan to pay the
adjusted amount.
IL "The bank is in receipt OF large
Is volume of applications, which neces-
v sarily slows up the consideration OF the
j. individual case" President Ehrhard
il continued "There are among those
e number on which foreclosure OF existing
" liens is pending or threatened ana
is the function of this committee u
rs expedite the consideration OF thos
n cases which are called to It's attention
J. to the end that If the applicant is al
J. eligible borrower, and the security aoe
III o,1ate. the services of the Farm Credl
It's Administration may be made avallabl
t. to him before his property is lost.
SC "In addition to Fastening considera
'e ton of the applications on file, 1t
f ~ the purpose of the land bank com
~ mittee to contact others where the los
IL of property is threatened but who hav
not yet applied for a Federal Ian
~ Bank loan"
'er An average of eight cases a day hay
or been referred to the Land Bank con
mittee for attention during the la
two weeks, it was said. Not all can
solved, but those which can be WorKt
out make the effort of the committ'
worth while.