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(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.
Flat Rock Church in Lithonia, Georgia, which dates back to 1860, took out an $850,000 balloon loan with Sun Trust Bank in 2005 to fund a new 300-seat church.
In May 2010 the loan became due. The bank foreclosed and the church is due to be auctioned off next month.
"The bank has refused to negotiate and to this day I just don't know why," said Binita Miles, the church pastor.
Originally posted by frugal
People probably take the accident reimbursement checks and pay off house payments instead of fixing their dents... Seriously.
Originally posted by Danbones
churches doing deals with the money changers
thats luciferian money changers to those who have been following the story back....
is it just me...?