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.
However in 2009, Evangelical Christian started grappling with an increase in foreclosures on churches. In a USA Today article, the credit union said it had to foreclose on seven of its 1,100 loans in 2008. At least one Texas church had filed for bankruptcy, owing the cooperative nearly $2.8 million.
Fast forward to 2013 and Evangelical Christian is embroiled in yet another foreclosure case that stretches back to 2008. This time, it involves a proceeding against one of Florida‚Äôs largest churches.
Like the housing market, churches were not immune to the impact of the Great Recession. A 2008 survey by the National Association of Church Business Administration showed that nearly four in 10...