What a deceptive story. The “mortgage crisis” they cite had almost nothing to do with this particular forclosure. They do mention it later in the article, but then why use this case as an example of the problems caused by the “nation’s housing meltdown” in the first place?
Yep.
Sounds to me that these guys just didn’t make it in the long run, like . . . say . . . a whole bunch of other family/small businesses every year.
Droughts, tornadoes and other extreme weather can destroy farm income, injure animals, and end a season with no money made. Farming has vulnerabilites that can cost a year or two’s profit, and if you have people to pay, then you pay whether you make money or not. That is why many borrow, and then if they don’t do well next year...and on and on...
Equipment breaks down, and replacement is astronomical dollars, and repairs aren’t cheap. There is nothing deceptive about how fragile farming can be.
It isn’t nine to five, you pay your own insurance, and your own hospital bills....no retirement unless you save it...