Foreclosure sale looming for church founded in 1893
WINSTON-SALEM, N.C. (AP) — A North Carolina church founded in 1893 is facing a foreclosure sale of its sanctuary and its 15-acre property next week unless a bankruptcy judge intervenes.
The Winston-Salem Journal reports the Greater Cleveland Avenue Christian Church defaulted on its mortgage in 2018 and owes Tennessee-based Apex Bank $3.3 million. The bank says the church has failed to live up to the terms of the reorganization plan approved by the court on Feb. 22.
The church, which has more than 1,000 members, filed for Chapter 11 bankruptcy protection in April 2018. It’s asking the federal bankruptcy court for more time to find a way to come up with new financing. A hearing on that request is scheduled for Wednesday, two days before the scheduled foreclosure sale.