Church Foreclosures Continue to Rise
Credit unions and banks are seeing a growing number of churches struggling to make their loan payments leading some to foreclosures, USA Today reported.
According to the March 19 article, delinquencies and foreclosures are on the rise. The $1.2 billion Evangelical Christian CU had to foreclose on seven of its 1,100 loans in 2008, Mark Johnson, executive vice president, told USA Today. The Brea, Calif.-based CU recently reworked a loan agreement with a Florida church. Two more church foreclosures are expected this year, Johnson said. A Texas church that filed for bankruptcy in February 2007 also owes Evangelical Christian nearly $2.8 million.