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Shared farm land

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M

MAIZIE

Guest
What is the name of your state? Iowa
I had posted this in another forum but received no responses, so I hope this is the right one. I and my 5 siblings share in some farm land, 1 does the actual farming and the rest share in the expenses and income..1/6. My question is...can the one that does the farming mortgage the land without our consent? Also, can they also mortgage farm land that is in a life estate? Thanks for any input.:confused:
 


HomeGuru

Senior Member
MAIZIE said:
What is the name of your state? Iowa
I had posted this in another forum but received no responses, so I hope this is the right one. I and my 5 siblings share in some farm land, 1 does the actual farming and the rest share in the expenses and income..1/6. My question is...can the one that does the farming mortgage the land without our consent?

**A: no, all property owners must consent.
*************

Also, can they also mortgage farm land that is in a life estate? Thanks for any input.:confused:

**A: yes, provided the mortgage lender approves. The life estate creates an encumbrance on the property and thus decreases the fee simple interest.
 
M

MAIZIE

Guest
Thanks Home Guru for your reply. I have done some researching and I understand from the mortgage company that they understand that they will have a lien only on their clients 1/6 interest. I asked them what if their client should default, they said I should retain an attorney. What is your input on this situation. Since this parcel of land is an undivided interest 6 ways, how can they retrieve anything, except the proceeds on 1/6 of the crops. This does not make any sense to me.:confused:
 

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