Henry Boyd, Jr. v. United States of America, Farmers Home Administration

GEE, Circuit Judge:

In February 1977 Henry S. Boyd received a rural housing loan from the Farmers Home Administration (FmHA). Boyd executed a promissory note and real estate deed of trust in favor of the FmHA. Over time, Boyd had difficulties keeping current on his loan. In September 1981 and in March 1985, the FmHA initiated foreclosure proceedings against Boyd but withdrew them when Boyd brought his account current.

By August 1985 Boyd was, again, delinquent. On August 29, 1985, the FmHA advised Boyd of the delinquency. Boyd failed to bring his account current and on September 16, 1985, the…