United States v. John L. Einum and Joann F. Einum

EASTERBROOK, Circuit Judge.

John and Joann Einum borrowed some $150,000 from the Farmers Home Administration. The debt was secured by a mortgage on their farm in Wisconsin. They have not repaid. After the FmHA commenced foreclosure proceedings the Einums admitted that the agency was entitled to this relief— eventually. They asked the court to delay the sale for one year, corresponding to the “redemption” period that Wisconsin affords borrowers before a lender may put real estate on the auction block. Wis.Stat. § 846.-10(2). The year’s delay is a moratorium before foreclosure rather than a…