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Praise Jesus! You don't see THIS happeneing to Landover Baptist, and that's for one simple reason: We are God's favorite church!! Shout GLORY!! 
Well, also because we don't get involved in the sin of usury from these joo-owned banks.
The only way they're going to "get past this impasse" is by rejecting their cherry-picking ways and accept the KJV Bible word-for-word, as written. 
Well, also because we don't get involved in the sin of usury from these joo-owned banks.
Boom-years borrowing hits churches
Metropolitan Baptist Church was bursting out of its home.
From a group of freed slaves in Civil War-era Washington, Metropolitan Baptist had grown into a modern-day megachurch and community service powerhouse. In 2006, construction began on the congregation's dream complex in Largo, Md. — a $30 million campus with a 3,000-seat church, an education center and an 1,100-car parking lot.
Last year, the congregation sold its church in Washington. Preparations began for the move to what leaders had taken to calling "God's land in Largo."
But on Oct. 20, their plans were abruptly put on hold.
The Rev. H. Beecher Hicks learned that financing for the project had dried up. Construction stopped. And the congregation found that it was homeless — reduced to renting space and struggling to find new financing.
Add houses of worship to the list of casualties of the mortgage crisis.
Foreclosures and delinquencies for congregations are rising, according to companies that specialize in church mortgages. With credit scarce, church construction sites have gone quiet, holding shells of sanctuaries that were meant to be completed months ago.
Congregants have less money to give, and pastors who stretched to buy property in the boom are struggling to hold onto their churches.
"The economy has dramatically changed over the last year to 18 months in a way that very few, if any, had expected," said John Stoffel, administrative pastor at Seabreeze Church in Huntington, Calif.
Seabreeze spent about $12 million on a new complex that was completed in 2007. But a drop in donations, partly due to a rift between the pastor and some church members, forced the church to renegotiate for an interest-only mortgage. Stoffel said Seabreeze hasn't missed a payment, yet the mortgage is far from the church's only debt. The church also owes $1.2 million — due this year — on bonds that helped finance the project, and must repay a $200,000 loan that a couple took out on their house to help Seabreeze cover its costs.
It's hard to quantify just how many churches are at risk. Foreclosure records are scattered throughout county offices nationwide. Completing a foreclosure takes months or longer, so it's too soon for many failures to show up on a company's books. In financially stressed churches, clergy are often reluctant to discuss their plight. They don't want to alarm their congregants, and they fear that any complaints about their dealings with banks will backfire.
"Right now, when you're at the mercy of the lenders, you don't want to look like you're coming out against them," said Bishop Eugene Reeves of New Life Anointed Ministries International in Woodbridge, Va.
The 3,500-member Pentecostal church near Washington needs a couple of million dollars to finish its new $19 million complex. Construction stopped last spring when New Life's lender said it would make no new loans to the church, Reeves said.
"We now have children who don't have classrooms to get into, adults who have to go to an overflow room," Reeves said. "We have parking issues. We don't have enough spaces for cars."
Across the country, congregations large and small are struggling to pay off debt:
_Reliance Trust, an Atlanta company that is trustee for nearly three-quarters of the church bonds in the U.S., has seen "some increases in delinquencies," said spokesman Tony Greene, though he would not elaborate.
Among its clients is Temple Beth Haverim in Agoura Hills, Calif., which sought Chapter 11 bankruptcy protection last July and owes the company more than $7 million, Reliance said in court documents. The property is estimated to be worth less than what the synagogue owes.
_Strongtower Financial, an arm of the California Baptist Foundation, said in a prospectus that 10 percent of its $119 million in outstanding loans were in default as of March 31, 2008, its most recent required reporting date. Chet Reid, Strongtower's president, said the specifics were private, but the company had only one foreclosure in the last decade — in 2006.
_The Evangelical Christian Credit Union, a major church lender with more than $700 million in loans last year, moved to foreclose on seven of its 1,100 loans in 2008, said Mark Johnson, the company's executive vice president. The company has had "a noticeable increase" in late payments, and two more foreclosures are expected this year, he said. By contrast, the Brea, Calif., company said it had no other foreclosures until 2007, when there were two.
Even in bad economic times, people still go to church, which helps shield congregations from downturns, lenders say. Churches also have more flexibility than some other borrowers in cutting expenses. They can end charitable programs or trim staff and still stay open for business.
Another church with shaky finances and a big debt: the Shiloh Institutional Church of God in Christ in Fort Worth, Texas.
The congregation began floundering soon after Shiloh's prominent pastor, Sherman Allen, was publicly accused of molesting women and beating them with a paddle. The accusers said that Allen's superiors in his Pentecostal denomination — the Church of God in Christ — had evidence of the allegations for years and did nothing to stop him. Allen has denied any wrongdoing.
Meanwhile, lawyers for the credit union that holds the church's mortgage found another scandal — this one involving money. In court documents, the attorneys said the church could not explain how it spent $100,000 in income in 2006, that a $30,000 anniversary bonus paid to Allen in 2007 "is potentially a fraudulent transfer," and that the church couldn't provide financial statements from a certified public accountant for 2005 and 2006.
The church filed for bankruptcy in February 2007; the Evangelical Christian Credit Union says Shiloh owes it nearly $3.8 million on a 2005 loan, and sought to foreclose.
As in the residential mortgage industry, tight credit has had a chilling effect on loans to houses of worship. Reid, the head of Strongtower, said his company is doing less lending, but he would not discuss specifics. Johnson, of the Evangelical Christian Credit Union, said the company isn't making loans to new clients.
"We're struggling to do a good thing for our community," Hicks said. "Hopefully, we'll get past this impasse and move forward."
Metropolitan Baptist Church was bursting out of its home.
From a group of freed slaves in Civil War-era Washington, Metropolitan Baptist had grown into a modern-day megachurch and community service powerhouse. In 2006, construction began on the congregation's dream complex in Largo, Md. — a $30 million campus with a 3,000-seat church, an education center and an 1,100-car parking lot.
Last year, the congregation sold its church in Washington. Preparations began for the move to what leaders had taken to calling "God's land in Largo."
But on Oct. 20, their plans were abruptly put on hold.
The Rev. H. Beecher Hicks learned that financing for the project had dried up. Construction stopped. And the congregation found that it was homeless — reduced to renting space and struggling to find new financing.
Add houses of worship to the list of casualties of the mortgage crisis.
Foreclosures and delinquencies for congregations are rising, according to companies that specialize in church mortgages. With credit scarce, church construction sites have gone quiet, holding shells of sanctuaries that were meant to be completed months ago.
Congregants have less money to give, and pastors who stretched to buy property in the boom are struggling to hold onto their churches.
"The economy has dramatically changed over the last year to 18 months in a way that very few, if any, had expected," said John Stoffel, administrative pastor at Seabreeze Church in Huntington, Calif.
Seabreeze spent about $12 million on a new complex that was completed in 2007. But a drop in donations, partly due to a rift between the pastor and some church members, forced the church to renegotiate for an interest-only mortgage. Stoffel said Seabreeze hasn't missed a payment, yet the mortgage is far from the church's only debt. The church also owes $1.2 million — due this year — on bonds that helped finance the project, and must repay a $200,000 loan that a couple took out on their house to help Seabreeze cover its costs.
It's hard to quantify just how many churches are at risk. Foreclosure records are scattered throughout county offices nationwide. Completing a foreclosure takes months or longer, so it's too soon for many failures to show up on a company's books. In financially stressed churches, clergy are often reluctant to discuss their plight. They don't want to alarm their congregants, and they fear that any complaints about their dealings with banks will backfire.
"Right now, when you're at the mercy of the lenders, you don't want to look like you're coming out against them," said Bishop Eugene Reeves of New Life Anointed Ministries International in Woodbridge, Va.
The 3,500-member Pentecostal church near Washington needs a couple of million dollars to finish its new $19 million complex. Construction stopped last spring when New Life's lender said it would make no new loans to the church, Reeves said.
"We now have children who don't have classrooms to get into, adults who have to go to an overflow room," Reeves said. "We have parking issues. We don't have enough spaces for cars."
Across the country, congregations large and small are struggling to pay off debt:
_Reliance Trust, an Atlanta company that is trustee for nearly three-quarters of the church bonds in the U.S., has seen "some increases in delinquencies," said spokesman Tony Greene, though he would not elaborate.
Among its clients is Temple Beth Haverim in Agoura Hills, Calif., which sought Chapter 11 bankruptcy protection last July and owes the company more than $7 million, Reliance said in court documents. The property is estimated to be worth less than what the synagogue owes.
_Strongtower Financial, an arm of the California Baptist Foundation, said in a prospectus that 10 percent of its $119 million in outstanding loans were in default as of March 31, 2008, its most recent required reporting date. Chet Reid, Strongtower's president, said the specifics were private, but the company had only one foreclosure in the last decade — in 2006.
_The Evangelical Christian Credit Union, a major church lender with more than $700 million in loans last year, moved to foreclose on seven of its 1,100 loans in 2008, said Mark Johnson, the company's executive vice president. The company has had "a noticeable increase" in late payments, and two more foreclosures are expected this year, he said. By contrast, the Brea, Calif., company said it had no other foreclosures until 2007, when there were two.
Even in bad economic times, people still go to church, which helps shield congregations from downturns, lenders say. Churches also have more flexibility than some other borrowers in cutting expenses. They can end charitable programs or trim staff and still stay open for business.
Another church with shaky finances and a big debt: the Shiloh Institutional Church of God in Christ in Fort Worth, Texas.
The congregation began floundering soon after Shiloh's prominent pastor, Sherman Allen, was publicly accused of molesting women and beating them with a paddle. The accusers said that Allen's superiors in his Pentecostal denomination — the Church of God in Christ — had evidence of the allegations for years and did nothing to stop him. Allen has denied any wrongdoing.
Meanwhile, lawyers for the credit union that holds the church's mortgage found another scandal — this one involving money. In court documents, the attorneys said the church could not explain how it spent $100,000 in income in 2006, that a $30,000 anniversary bonus paid to Allen in 2007 "is potentially a fraudulent transfer," and that the church couldn't provide financial statements from a certified public accountant for 2005 and 2006.
The church filed for bankruptcy in February 2007; the Evangelical Christian Credit Union says Shiloh owes it nearly $3.8 million on a 2005 loan, and sought to foreclose.
As in the residential mortgage industry, tight credit has had a chilling effect on loans to houses of worship. Reid, the head of Strongtower, said his company is doing less lending, but he would not discuss specifics. Johnson, of the Evangelical Christian Credit Union, said the company isn't making loans to new clients.
"We're struggling to do a good thing for our community," Hicks said. "Hopefully, we'll get past this impasse and move forward."
HUNTING ATHEISTS SINCE 1989.
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