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The Church at South Las Vegas, known for its outreach to prostitutes in Sin City, has filed for bankruptcy protection.Members of the church agreed to not pay the church’s mortgage after they found out that they owed the bank more than three times the amount that the church building was worth. The 23,635 square foot church building is worth only $2.375 million compared to the $7.653 million owed in mortgage, according to Vegas Inc.

“After much deliberation, the leaders and the congregation said, we don’t want our donations to keep going down a black hole with no light at the end of the tunnel,” said Pastor Benny Perez to The Christian Post on Wednesday. “So, it became a stewardship issue. We stopped making payments [on] May 1.”
The 4,000-member church filed for Chapter 11 bankruptcy protection last Friday.

Perez said that First Bank, the church’s largest creditor, took action against the church last month when the bank found out about its plan to default on mortgage payments. First Bank filed a lawsuit against The Church at South Las Vegas on June 17 seeking to foreclose the property and appoint someone else to supervise the church’s finance.
The Las Vegas church didn’t know about its “upside-down” mortgage until it received an appraisal of the property while planning to construct a new worship center. Church attorneys said they tried to negotiate with the bank to reduce the principal down to $2.5 million after they discovered the property’s true value, but the bank refused.
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SOURCE: The Christian Post
Alex Murashko