Another cautionary tale for the people who want permanent Pagan buildings. Don’t get behind on your mortgage. Being a religious institution does not protect against foreclosure, although it may postpone it for a time.

“Churches are among the final institutions to get foreclosed upon because banks have not wanted to look like they are being heavy handed with the churches,” said Scott Rolfs, managing director of Religious and Education finance at the investment bank Ziegler.

If the property’s value has fallen, the bank is less willing to refinance what is usually a commercial loan. Read the rest.