The number of U.S. churches dealing with foreclosure proceeedings has nearly tripled since the recession began in 2007, reports say. Churches took out loans and invested in real estate, but the economic downturn has plunged many churches into a debt crisis. Donations have gone down, and investment returns have dropped.

The church property boom led to many megachurches began building stadium-style worship centers, but many got stuck partway through construction. Ebenezer AME Church in Maryland, with a congregation of 10,000, saw its cash reserves drop below $750,000. Its lender dropped some demands and the church is finalizing plans to move its business to a new lender, but not every church has seen such good fortune.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.