Church Facing Foreclosure Could Be Saved

POSTED: 4:24 pm EST February 14, 2012
UPDATED: 4:48 pm EST February 14, 2012

OVIEDO, Fla -- A historic Central Florida church on the brink of foreclosure could be saved.Bank of America and the Mission Road Church of God in Oviedo are now working on a possible settlement agreement after the church's pastor said the bank refused to negotiate for almost a month.The church's attorney is now working with the bank's attorney and it will be up to the bank to accept the offer."This is great news. We just have to see if we can come to a final agreement. It's been a nightmare for all of us," said Pastor Larry Perkins.The church has been trying to keep the doors open for its community. The 76-year-old institution faced struggles in 2005 when the general contractor who was a year-and-a-half into construction and renovations suddenly died."Everything stopped and the bank and I talked," Perkins said.Perkins and other members cashed in their 401(k) accounts and raised money to keep the day care, free tutoring sessions, learning center and more up and running."If it closed, I'd have nowhere to take my son. I tried other places and I couldn't get in," said parent Mildred Clarke.Bank of America said the church has been in default since 2008 and currently owes in excess of $1.9 million."It took all the way until December 2011 to get someone to say, 'Hey, I'll finance you,'" Perkins said.A spokesperson for Bank of America said after rounds of extensions, discussions and three foreclosure sale dates, time was up.One of the church's longest standing members, 84-year-old Ollie Bell Davis, said she kept the prayer lines open."I prayed to the Lord every day and every night, and every moment in the day that I could," Davis said.

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Church Facing Foreclosure Could Be Saved