Church Foreclosures Plague California Credit Union
In the thick of the economic meltdown that ravaged the housing market a few years ago, churches in some communities were among those that felt the bruises of foreclosures more than other properties.
One of the credit union industry’s top business lending programs can be found at the $1.1 billion Evangelical Christian Credit Union in Brea, Calif. Toward the end of 2012, it ranked second in the nation, amassing $833 million in business loans, according to SNL Financial.
Without Walls’ complaint also said Evangelical Christian allegedly made false statements about the church in order to thwart a deal initiated by Randy White to sell the property.
According to real estate filings, Without Walls is currently up for sale, with an asking price of $14.75 million, the Ledger.com reported. The property, which has 63 acres and houses the 9,600-seat church, was initially bought in 2005 for $8 million.