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Sacramento church and school face foreclosure
SACRAMENTO, CA - A church and school that have served generations of families since 1953 face a June 1 mortgage balloon payment they cannot afford.
Gloria Dei Lutheran Church congregation president Ed Marlow said the lender, PremierWest Bank, will not offer an extension on the $770,000 note and will begin foreclosure proceedings on June 2.
Marlow said the congregation has voted to try to sell the seven- acre property before the bank can take it. "There's anger against the bank for doing this to us and the way they've been handling it, but there's also a sense of loss," Marlow said.
Gloria Dei Lutheran Church and School went on the market this week for $2.88 million.
Gloria Dei's mortgage crisis stems from the tremendous growth the school experienced a decade ago, Marlow explained. The church refinanced the property to build additional classrooms to serve a student body of 400, but has since watched attendance steadily decline. Current enrollment in the K-8 school is 102, with many of the students on reduced tuition.
Principal Shelia Gibson has notified parents they should consider other options for the fall. She has