WEST PALM BEACH, Fla. – In another sign of the economic downturn in south Florida Evangelical Christian CU, the California credit union that specializes in financing churches, has filed a foreclosure notice on Summit Christian School of Palm Beach County.
The Brea, Calif., credit union seeks to seize the 49,114-square-foot private school, in West Palm Beach, because of overdue payments on a $9.4 million mortgage, according to court records. Parents and the school’s 790 students were informed of the foreclosure on Thursday and Friday. In a letter to parents, the school’s headmaster wrote, Summit Christian School, like many businesses and homeowners, is facing difficult times... The Evangelical Christian Credit Union began the foreclosure process last week.
The $1.3 billion credit union reported its first loan church loan defaults in 2007 and since then has filed foreclosures on a total of ten.
