In case of liquidation, how frequently must lenders report their progress to FSA?

In the case of liquidation, lenders are required to report their progress to the Farm Service Agency (FSA) every 60 days. This frequency is established to ensure that the FSA remains informed about the status of the liquidation process, allowing them to monitor developments and intervene if necessary.

Regular updates every two months help to maintain effective communication between the lender and the FSA, ensuring that any issues can be addressed in a timely manner. This reporting cycle allows the FSA to assess the ongoing situation and make informed decisions related to the management of the loan and the liquidation process. By adhering to this timeline, it enables both the lenders and the agency to manage risks effectively and maintain proper oversight of the liquidation efforts.