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More Information on Home Quarter Protection

Increasing a loan amount

Borrower is increasing the limit of existing revolving credit loan. 

Consider the SNF/ED CEO if the existing r/c debt is subject to an HQP exclusion order.  If not, apply for an exclusion order.

Consolidating new and old funds, same creditor

New funds for renovations are to be consolidated with existing debt to buy the homestead.

Consider the SNF/ED CEO using either a new mortgage or a readvance on the existing mortgage.   

Consolidating new funds with existing debt

An existing creditor lending new funds and consolidating an existing non-mortgage loan it has with the borrower. A Co-application is required.

Affiliated debt

A HQ secured r/c loan which is intended to pay out debt to an input creditor affiliated with the mortgage creditor?  A Co-application is required.

HS improvement funds are being added to an existing HQP excluded mortgage

A mortgage is in place and has been excluded from HQP.  No funds were added to the mortgage after the exclusion order issued to the mortgage.  The creditor wants to readvance up to the original principal for home renovations, is a co-application required? Consider the SNF/ED CEO.

Securing new loans to an existing mortgage

Existing mortgage was given to secure funds to replace a basement. Original loan and mortgage amount was insufficient to cover all costs.  Now the parties want to amend the mortgage to allow for additional new funds. Consider the SNF/ED CEO.  

Homestead created after mortgage given

The creditor is considering a $20,000 re-advance on a mortgage originally secured by bare land. A house was built after the mortgage registered. The original debt is excluded from HQP.  Consider the SNF/ED CEO.

More than one Homestead

Borrower owns two yard sites. Can the farmer designate which yard site is his homestead for HQP?   No. A farmer cannot claim or designate a property to be a homestead.   The farmer must “occupy” the home as a principal residence to claim HQP.   

Guarantor mortgages

The HQ is not titled to the borrower. The SNF/ED CEO does not apply to guarantor mortgages. Apply for a FLSB issued Order.

An adult child is refinancing debt. The adult child built a house on parents’ land.  The parents never lived on this land.  Parents will provide a mortgage of same land.  How to proceed? Consider this is a guarantor mortgage and apply for an Order

Guarantor construction mortgage

Borrower wants a loan to build pole shed on HQ.  The loan is to the farming company.  The HQ is in personal names.  Consider this is a guarantor mortgage and apply for an Order.

A Non-Ag class exclusion and guarantor mortgages

The parents will mortgage their HQ to secure their guarantee of their adult child’s down payment loan.  The parents three year average farm income is less than $20,000.  Does the Non-Ag class exclusion order apply to this guarantor mortgage?  Yes. The Non-Ag class exclusion order makes no mention of guarantor mortgages therefore it should apply to this type of guarantor mortgage.

Non-Ag Class Exclusion

What if the mortgagor earns more than $20,000 in the future?      The Non-Ag class exclusion looks at the three years of farm income prior to the mortgage being given.  If the farmer earns more than $20,000 per year in future that fact alone will not affect the Non-Ag exclusion.

Re-advancing a Non Ag class exclusion mortgage

Can new funds be added to a mortgage excluded from HQP by a Non-Ag class exclusion?  No.  The Non-Ag class exclusion is a one-time exclusion. Whenever new funds are added to the mortgage a new Order must be obtained, including a new Non-Ag order.

Homestead not occupied by the mortgagor

The HQ is titled to a Farm Co.  The Farm Co. principals live off the farm.  The yard site is occupied by renters.  The SFSA speaks to this twice: Sec 2(1)(h): HS must be occupied, and sec 44(16): at the time the mortgage was given the farmland was not a HS.  However, concerns persist about the farmer moving to the HS as well as a company wind-down leaving the HQ title in personal names.  Therefore the Board will issue an order in this situation.

Homestead is rented out

The HS is rented out, does HQP apply? The Act states that if the farm land is not a HS at the time the mortgage is given the farmer cannot make it his HS for the purpose of HQP after the mortgage is given.

Non-active farmers

The borrowers receive cash rent for the land.  HQP will apply to this situation.  The Act defines farmer as mortgagor. The issue is whether the homestead includes land used to produce primary agricultural products.  The cash rental income indicates primary agricultural products are produced. 

Mortgage security after the fact

Lender provided funds for adult child to build a house on dad’s land.  The creditor provided interim construction financing without mortgage security.  The land is now transferred to adult child’s name and the plan is to secure the interim financing with a HQ mortgage.  The date of the loans and the dates of the title transfer and mortgage all introduce complications that a Board order would resolve.  Apply for an order from the FLSB.

Corporate Farms and HQP

Do companies have HQP and can a mortgage of a company HQ be excluded from HQP?  The question has never been decided in court.  The Board has no opinion on companies and HQP; it accepts company mortgages and treats them as though HQP exists.

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