More Churches Are Facing Foreclosure

More than 100 churches in the United States have begun bankruptcy proceedings in the last year and the number of churches facing foreclosure has tripled since 2007, according to an examination of Westlaw legal database by Reuters News.

Spending on construction of religious buildings rose 70 percent from 1995 to 1999 when construction reached a high of $9 billion. But major church lender, Church Mortgage and Loan Co., declared bankruptcy in 2008 after one-third of its borrowers were in foreclosure.

The Rev. Jesse Jackson, who has aided some churches that were struggling with mortgage woes, is organizing a campaign against church foreclosures.

"It's devastating," Jackson said. "Demand for services is on the rise and the ability to provide services is decreasing.”

Source: Reuters News (04/01/2010)

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