(Reuters) - Banks are foreclosing on America's churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.
The surge in church foreclosures represents a new wave of distressed property seizures triggered by the 2008 financial crash, analysts say, with many banks no longer willing to grant struggling religious organizations forbearance.
Since 2010, 270 churches have been sold after defaulting on their loans, with 90 percent of those sales coming after a lender-triggered foreclosure, according to the real estate information company CoStar Group.
In 2011, 138 churches were sold by banks, an annual record, with no sign that these religious foreclosures are abating, according to CoStar. That compares to just 24 sales in 2008 and only a handful in the decade before....
Churches who put themselves into to so much debt should be foreclosed. Many of these pastors want too much outward appearance. I doubt if the early new testament church would have this problem. The modern church has strayed from its biblical mandate and that is to preach the gospel. Having big buildings is not what Christ intended. The word church is Greek which means a group of called out people. It is very disgraceful. Perhaps people need to live simpler.
Luke 14 28 "For which one of you, when he wants to build a tower, does not first sit down and calculate the cost, to see if he has enough to complete it? 29 "Otherwise, when he has laid a foundation, and is not able to finish, all who observe it begin to ridicule him, 30 saying, 'This man began to build and was not able to finish.'---NASB
I think the above covers something about the lack of preparation that some of these churches are guilty of.