Church Loan Modifications Foreclosure Article

Church loan modifications may be the only way to stem the tide of church loan defaults and foreclosures. In a recent article in Time Magazine, Michael Weisskopf wrote of “losses of at least $200 billion on commercial real estate loans overall”. With commercial property foreclosures at their highest levels ever and many owners are turning to loan modifications to help them keep their properties. Sadly, many churches and 501c-3’s are defaulting and their doors are being shut forever. Is anyone providing church loan modifications?

With so many people out of work and struggling, families often times can’t afford to be as charitable as they would like. Giving and donations to 501c-3 non-profit organizations and churches is down. Way Down. The bills keep coming in, and the mortgage has to be paid. Yet, these helps-based organizations need to meet the increased needs of the people and communities they serve. Their property values have plummeted. Banks aren’t lending, so refinancing is out of the question. Just like so many commercial properties, foreclosure or bankruptcy becomes a harsh reality, and the only way out is a modification. The need for church loan modifications has never been higher.
Thankfully, there is another very viable option for the owners of these needed service organizations. Like commercial loan modifications, church loan modifications permanently change the terms of the original note originally agreed upon by the owner and the mortgage holder . Often times, these loans are non-recourse, meaning there isn’t a personal guarantee of an individual. This can make the modification process easier. Church Loan Modifications, LLC has emerged as a leader in successfully modifying church loans.
  • Analyze and Evaluate Your Portfolio, Hardship and Financial Scenario
  • Provide a Thorough Property Analysis
  • Negotiate New Terms for Your Mortgage with Your Lender on Your Behalf

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