TAMPA, Fla. – In another sign of the economic crisis, Evangelical Christian CU, one of the biggest church lenders in the country, filed foreclosure papers last week on Without Walls International Church.
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The one-time $40-million-a-year ministry missed a payment in August on its $12 million credit union loan, court papers show.
Earlier this year, the $1.2 billion credit union was forced to foreclose on another ministry, Ambassador Family Church, in Oceanside, Calif., one of the few church loans foreclosed on by the credit union.
The Florida ministry, which is based in the former Canada Dry headquarters, took out the credit union loan in 2003 and has been trying to sell the property for several months.
