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Church Foreclosures in America

New York Attorney Rudolph Migliore discusses a trend impacting a number of churches. Some churches have been unable to meet their financial obligations due to several factors. Pastors and church administrators are encouraged to review their finances and budgets.

Author: Rudolph Fx Migliore

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The last two years have seen a multitude of reports about the plight of distressed homeowners facing foreclosure for a variety of reasons, causing the economy to lose $1.9 trillion dollars during this period. What has not been reported is the devastating impact on churches, particularly those who had entered into expensive building programs during this time. Many churches experienced major growth and expanded to meet the needs of their congregants and fill cultural gaps. The problem was multiplied by aggressive, larger banks offering churches larger loans with low interest teaser rates, security loans and balloon mortgages.

As the recession took its toll in tithing, churches found themselves unable to meet their mortgage payments or to refinance their loans. As a result, hundreds of churches have gone into foreclosure throughout the country with thousands of others now in jeopardy.

Wealthy churches both denominational and non-denominational have not been immune to the economy. A study by the Barna Group found more than half of the Churches have been hurt by the recession. Non-denominational churches seem to have been hurt the most by the recession. Many did not have the support of a larger national organization, and being the fastest growing segment of Christianity, they expanded anticipating continued growth.

While the economy is improving, the threat of foreclosure will still loom over many churches for years to come. In response, various churches have cancelled or modified expansion plans, reduced staff and clergy, rented their facilities to other organizations or held one-time emergency giving campaigns.

All churches should carefully revise their finances as well as their future plans with an eye toward reducing debt or operating cost. Practical cost-cutting is essential to sustain long term stability. The needs of the people and the future of America all depend on the vibrancy of the church. In this depressed economic climate, virtually all businesses as well as non-profit corporations have had to revise their budgets and financial plans. Unfortunately, churches are no exception and this is why I recommend all mortgages and debt obligations be reviewed to ensure long-term financial stability.

There is no dollar value that can accurately establish all the effects of closing houses of worship. How could or would anyone assess the measure of shattered faith communities? In many communities, houses of worship are not only the place to be on Sunday mornings but also centers of year-round community activities.

Churches have always been a backbone to America, culturally, socially and most importantly, spiritually. It is critical that our country continues to have a strong church community. This requires that churches take necessary steps to protect their congregation, including ensuring that the church can meet their financial obligations. As always, seek the Lord and God’s counsel on this matter and I am confident that the churches’ strongest days are ahead.

About Author

Rudolph Migliore, more commonly known as Rudy, is a well-known attorney with over 32 years of experience. Rudy has made Suffolk County, New York his home since 1963. He served in the U.S. Army National Guard from 1968 to 1974. A quintessential family man, Rudy strongly conveys this trait in his legal practice. Having four children of his own, ages 20, 18, 15 and 8, Rudy is well aware of the importance of family, the everyday challenges families face and the need to provide guidance for all members of the next generation to ensure the brightest future possible.

As a busy and active attorney, it is easy to forget the significance and relevance of family and community. However, Rudy always makes it a point to keep values and family at the top of his priority list. Recognizing family challenges and problems facing local communities, Rudy has dealt directly and compassionately with issues involving family, friends and complete strangers.

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Church Foreclosures in America