The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging
EXCERPTS
"Churches are the next wave in this economic crisis," says Rev. Jesse L. Jackson Sr., president and founder of the Rainbow PUSH Coalition, a non-profit civil-rights group, who works with pastors around the country to help churches negotiate better terms with their bankers.
Religious denominations of all kinds have suffered in recent years as donations have declined,
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When one of the tenants went out of business and a new one couldn't be found, Vineyard subsidized the payments for two years. Eventually the church ran out of money. and couldn't refinance because the value of the property had fallen sharply.The lender foreclosed earlier this month.
"A building does not make a church. We will find a way to continue," Mr. Zapara said.
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