Without Walls International Church Pastor Randy White has disclosed the financial status of the church during a service in Tampa, Florida. He told his congregation that Without Walls leaders are negotiating with its lenders to prevent foreclosure of the church's two campuses.
According to the "St. Petersburg Times" report, the Evangelical Christian Credit Union has filed a foreclosure lawsuit against the church. Without Walls owes the credit union $13 million for the church’s property in Tampa and another $12.5 million for its Lakeland branch.
Earlier negotiations between the two parties for the mortgage on the Tampa property broke down after White's lawyers cautioned him against signing an agreement that would modify the church's loan and include stipulations that require it to give up ownership of its properties, including intellectual property.
The credit union claims that the church failed to pay its $1 million credit line which was supposed to be paid in August 2008. However, White argues that Without Walls had made repayment arrangements from the sale proceeds of its Lakeland property which has an estimated value of $1.4 million.
During the service, White assured his congregation that options are being considered to prevent foreclosures of Tampa and Lakeland properties, including filing proceedings for Chapter 11 bankruptcy, refinancing and selling the church.
To show his commitment for the fight, he provided documentation that detailed negotiations with the Evangelical Christian Credit Union, placed copies of said documents, statements of his personal giving and his credit card on a table under the altar. He then invited the media and his congregation to take a closer look on the documents.
He also discussed the foreclosure proceedings during his sermon. While he spoke, some church members laid pink envelopes containing their offerings before the altar. This action indicated that members believed that the church is still financially stable.
Author Resource:-
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years. Read about the following article Reverend White Pledges to Fight Threats of Foreclosure by Cassiano Travareli on BankForeclosuresSale.com - Your online source of bank foreclosures.
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