Mega Church foreclosure: behind on its $14 million mortgage

First Family Church in Overland Park is now threatened by its lenders to take possession of the property if it doesn’t pay more than $14 million in mortgage and other costs.
There is a foreclosure petition filed in Johnson County District Court by Regions bank that asks the property to be foreclosed and if the payment doesn’t arrive to sell the property with the proceeds applied to the debt.
The mega church was describe as one of the fastest growing in the country. It came under scrutiny in 2007 after hundreds of members had left the church over concerns about financial accountability.
The church’ board of elders published a statement as a response to the foreclosure petition.
“Your church leadership, pastors, elders, deacons, and ministry leaders have been praying and in a spirit of unity,” the statement said. “We are confident to resolve this situation while all ministries and worship services continue as scheduled on our campus.”
It is unclear at the moment when will the church lose possession of the property if the debt isn’t settled. There are some proceedings that need to be followed and the foreclosure process can last even six months in Kansas.

Posted by Istvan Fekete on Feb 4 2011. Filed under Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry