Is the Foreclosure of First Family Church the Sign of the Economic Times in Overland Park or a Victim of Poor Management?

Is the Foreclosure if First Family Church the Sign of the Economic Times in Overland Park or a Victim of Poor Management?

This weekend is the last church service at the First Family Church in Southern Overland Park. The church is a mega-church that sits on a huge patch of land just east of 69 Highway on 143rd Street in Overland Park, Kansas. 


Why is the church closing down? It can't pay its mortgage payment to its bank. It's bank, Regions Bank, has initiated foreclosure proceedings. 


Is the church not meeting its financial obligations a victim of the economic times? Maybe.


Why shouldn't a church be any different than a family. Many families are suffering hard times, it makes sense that churches are suffering hard times. Just look around and see all of the short sales and foreclosures in Johnson County. The Overland Park church tried to refinance and renegotiate its financial obligations, but it has lost over $8,000,000 in value the past year. That sounds like many families I have visited the past year. They have tried to refinance, but their homes have lost to much in value and now they are forced to short sale or let their home go to foreclosure.


Just like a family, the church will move on. The church is changing its name and will start meeting at Olathe East High School.


If you know of someone in Kansas City having problems paying their mortgage payment, the Kansas City Real Estate Network can help them.  


RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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