A non-denominational community church was recently threatened with foreclosure following verification that it owed $11.3 million in principal, as well as substantial interest and moderate late charges, as reported by a New York Criminal Lawyer.
The non-profit community church in Palm Beach Gardens was cited for a possible foreclosure along with its fellow tenants, including a construction company and a real estate counseling firm. The principal amount owed by the church stemmed from a past loan from a local bank in 2006, and the case was heard in the Palm Beach County 15th Judicial Circuit. The non-profit community church originated in a former cinema complex in Palm Beach Gardens, and in 2008 upgraded to its current location, a retail/office/entertainment complex. A New York Criminal Lawyer notes the postulation of Palm Beach Gardens’ vice mayor that the church’s financial situation may be due, in part, to a struggling economy and the resulting decline in giving among members and guests. His insight is relevant due to his further involvement in commercial lending; the vice mayor serves as vice- president of commercial lending for another bank.
The community church houses a 50,000-square-foot cultural center oriented toward the local community, as well as a banquet hall that houses a commercial kitchen and features a capacity of 500 individuals. According to the aforementioned vice mayor of the city, it is likely that an agreement will be reached between the church and the bank- perhaps a payment plan- rather than pursuing a mortgage foreclosure. The vice mayor is quoted as saying, “Foreclosing on a church is not good public relations for a bank”.
The expertise of legal counsel extends to such financial woes as those being faced by the community church mentioned above. As a non-profit organization serving the community, a certain level of leniency is sometimes offered. It is acknowledged that such investments as made by non-profits are not immune to economic setbacks, and are perhaps even more at risk of hardship to due the nature of the business. Our legal team is trained and accustomed to partnering with such non-profit organizations to seek financial resolution and restoration.
Whether you have a financial entanglement with an organization, or have been charged with a drug possession crime, or white collar crime, speak to your legal team right away. We will provide you with a free consultation and ensure that your rights are protected. We have offices throughout the New York area, including locations in Manhattan, Staten Island, Queens, the Bronx and Brooklyn. We also have locations in Nassau County and Suffolk County on Long Island and Westchester County. Call us today to schedule your free consultation at 1-800-NY-NY-LAW.