Mortgage Company Seeks Foreclosure on Mega-Dairies

By: AP
By: AP

HUDSON, Mich. (AP) -- A mortgage company is seeking to foreclose on $55 million in loans to huge Vreba-Hoff dairies in southeastern Michigan and northwestern Ohio.

The Daily Telegram of Adrian reports Delaware-based Rabo Agrifinance filed the foreclosure complaint Tuesday in federal court in Grand Rapids. A judge is to hear an emergency motion Oct. 19 on a request to appoint a receiver to take over three dairies with thousands of cows near Hudson and three others in Fulton County, Ohio.

Rabo Agrifinance alleged Vreba-Hoff defaulted on loan payments and allowed property taxes to go unpaid, and the dairy property is being devalued by state government action over environmental complaints.

A dairy spokeswoman had no immediate comment on the complaint.

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