Contact Us

Record Numbers of Churches are Foreclosed

Banks are foreclosing on America’s churches in record numbers — as lenders lose patience with religious groups who defaulted on their mortgages.  The surge in church foreclosures shows many banks are no longer willing to show forbearance with struggling churches.

 

Since 2010, 270 churches have been foreclosed after defaulting on their loans, according to the real estate information company CoStar Group.  The data also show no sign that church foreclosures are abating.

via flickr/Comtesse DeSpair

The foreclosures are hitting churches of all denominations and races, but most are small to medium size houses of worship. The highest percentage have occurred in states hardest hit by the home foreclosure crisis:  California, Georgia, Florida and Michigan.

Church defaults are different from residential foreclosures, because most loans to churches are not 30-year mortgages. They’re commercial loans that typically mature after five years when the full balance becomes due immediately.

Banks often refinance church loans when they come due, but they’re increasingly reluctant to do that these days because of pressure from regulators to clean up their balance sheets.

via Banks foreclosing on churches in record numbers | Reuters.

Factors leading to the boom in church foreclosures should sound familiar.

After all, churches are people, who want the biggest and fanciest building in town, so they borrow to the hilt to build it. During the property boom, many churches took out additional loans to refurbish or enlarge, often with major lenders or with the Evangelical Christian Credit Union.

Then when the economy crashed, many churchgoers lost their jobs, their homes were foreclosed, tithing and church donations plunged, along with the value of the church building.

In the Bible Jesus warns against building your house on “shifting sand.”  That can be taken literally, and it can also be interpreted, metaphorically, as a warning against borrowing and building on the shifting sands of a shaky economy.

police-lights
[

Reward Offered In Blinn College Student’s Murder

Blinn College is a small school in Brenham, about an hour and a half outside of Houston.  After a male student was murdered there last month, police are asking for tips as they try to figure out who killed him.  And there's a reward in the case now.

Read More|Comment

Category: East Texas News, News Tags:
Getty Images
Getty Images
[

Inmate Weddings Are About To Increase In Texas

Up until now, if an inmate in a Texas prison wanted to get married, someone else had to stand in for the prisoner during a ceremony held somewhere outside the prison. That's about to change.

Read More|Comment

Abby Snodgrass
WSB
[

Teen’s Miraculous Act Saves Baby Who Stopped Breathing at Walmart

A fast-acting teenager became a hero after she stepped in to save the life of a baby.

Read More|Comment

Category: News
drinking
Photo: John Lund/Annabelle Breakey
[

Where Does Texas Rank in the ‘Most Drunk’ States Survey?

The folks over at Bloomberg just released a survey of the 'Most Drunk' states in the U.S. Where did the Lone Star State wind up?

Read More|Comment

Category: East Texas News, Texas News Tags:
Le'Veon Bell, LeVeon Bell
Getty Images
[

Le’Veon Bell Leads Steelers Past Titans, 27-24

Le'Veon Bell ran for 204 yards and a touchdown, and the Pittsburgh Steelers rallied past the Tennessee Titans, 27-24, in Nashville on Monday night.

Read More|Comment

Category: News, Sports
Waiting Room
[

Now Is the Time to Sign Up for Health Insurance

Last year just a handful of people signed up for health insurance on the first day of the national open enrollment period, and this year as signups began on Saturday, the federal government says 100,000 people signed up.

The open enrollment period this year is a lot shorter, so don't be caught by surprise.

Read More|Comment

Johnny Depp Hollywood Film Awards
[

Watch Johnny Depp’s Weird, Drunken Speech at the Hollywood Film Awards

So this is why we don't see Johnny Depp on stage very often (ever?) at awards shows. Last night at the Hollywood Film Awards, Depp introduced the documentary ‘Supermensch,’ about legendary talent manager Shep Gordon, and immediately made it pretty clear that he was not sober-minded. “That's the weirdest microphone I've ever seen in my life,” he slurs—except, you know, it's just a regular microphone.

Read More|Comment

Civil War title treatment
Marvel
[

‘Captain America: Civil War’ Casts Daniel Bruhl as Its Villain

Even though the upcoming third ‘Captain America’ movie is based on Marvel’s ‘Civil War’ mini-series, where the heroes of the Marvel Universe faced off with one another in a battle over their right to privacy, the ‘Civil War’ film still needs a villain for Chris Evans’ Cap and Robert Downey Jr.’s Iron Man (and new addition Black Panther, played by Chadwick Boseman) to face off with as well. Although they didn’t reveal the identity of his character, Deadline reports that Daniel Bruhl will play the guy to pester the feuding Avengers.

Read More|Comment

Police-Lights
[

Police Look For Clues After Texas College Student Is Murdered

Blinn College is a small school in Brenham, about an hour and a half outside of Houston.

After a male student was murdered there last month, police are asking for tips as they try to figure out who killed him.

Read More|Comment

Ryan Tannehill
Getty Images
[

Miami Dolphins Rally Past Buffalo Bills, 22-9

Ryan Tannehill threw two touchdown passes, and the Miami Dolphins surged past the Buffalo Bills, 22-9, in Florida on Thursday night.

Read More|Comment

Category: News, Sports

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://ksfa860.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on NEWSTALK 860 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on NEWSTALK 860 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!