Church halts foreclosure auction by filing for bankruptcy

Missionary Baptist Church in Solid Rock is hoping to stop foreclosure and solve its financials after it filed for Chapter 11 bankruptcy protection on January 19.

The church, which itself it is a nonprofit institution faced harsh times lately specially with its financials, and it was set to lose its 25,647 square-feet facility that sits on 4.4 acres at 19000 SW 112th Avenue. The real estate was already scheduled to be sold at foreclosure auction on January 23. On December 27 – the first day the courthouse opened its doors after Christmas – Judge W. Thornton Jr. of Miami-Dade County Circuit signed a $4.4 million foreclosure judgment against the Solid Rock church in favor of Evangelical Christian Credit Union, entity which loaned $3.5 million to the Missionary Baptist Church.

The bankruptcy petition says the church has assets of between $1 million and $10 million. The church is represented by Zach Shelomith, who said they hope to work out a loan modification with the lender or with the bankruptcy petition. Shelomith added that there is a K through 12 school on the property as well.

Posted by Istvan Fekete on Jan 31 2012. Filed under Commercial, Foreclosures. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry