Pastor Steve Munsey’s Faith Christian Center Files for Bankruptcy

Family Christian Center Pastor Steve Munsey

Pastor Steve Munsey’s Faith Christian Center Files for Bankruptcy

Read report from CBN:

Pastor Steve Munsey’s Family Christian Center won’t regain control of its own finances for at least six months, according to an agreement approved Friday in Lake Superior Court.

Lake Superior Court Judge Diane Kavadias Schneider signed off on the agreement between officials from the megachurch and Evangelical Christian Credit Union, all of whom agreed the church’s financial operations will continue to be handled by an appointed financial administrator until September. After six months, officials from the California-based credit union and church told the judge they will consider signing a loan modification agreement.
Evangelical Christian Credit Union filed a foreclosure case against Family Christian Center in 2011 after the church defaulted on the mortgage for its worship center at 340 W. 45th St. in Munster, Lake Superior Court records show.
A Times investigation published Sunday revealed Family Christian Center had been spending millions of dollars annually on leadership compensation, travel, meals and jet fuel, yet fell behind on its mortgage payments and racked up a list of past-due bills, according to records from the county and Lake Superior Court.
At the time Evangelical Christian Credit Union filed its foreclosure case, Family Christian Center had been bringing in about $10 million per year and had a $98,000 monthly mortgage payment, a transcript of a Dec. 4 court hearing states. The church now brings in about $7.3 million and has a $72,000 monthly mortgage payment, the transcript shows.