Banks Are Foreclosing on Churches in Record Numbers
“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. 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 estateinformation company CoStar Group,” reports Reuters.
Solid Rock Christian Church near Memphis, Tennessee, took out a $2.9 million loan with the Evangelical Christian Credit Union, to construct a new, 2,000 seat auditorium. The credit union foreclosed and put the church up for auction.
In contrast, Pastor Wayne Webb of the Macon Road Baptist Church in Memphis has followed a cash-only policy and never stops building on his new school/church campus.
The Lord commanded the Jews in Deuteronomy 28:12: “The LORD shall open unto thee his good treasure, the heaven to give the rain unto thy land in his season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow.”