Happy Passover – we're foreclosing on your synagogue

Let my mortgage go!

It's not only homeowners who are in trouble with the bank these days, it appears some religious institutions are  insolvent as well:  Namely, the Congregation Beth David in San Luis Obispo County, California. The synagogue has until May 17 to come up with $1.3 million or it will be auctioned off. The four-year-old synagogue defaulted on a $3.3 million loan late last year.

The lavish 16,190 square foot building is  is the country’s only green-certified synagogue. It features a 337-seat sanctuary, social hall, classrooms, gift shop and library.

Hard economic times have hit the synagogue's membership numbers and many of the remaining members are now not able to pay their full dues. “We did a lot of thinking and planning, but there were also a lot of things we didn’t foresee,”  Gregg Loberstein, co-president of the board of directors said.

The $18,000 monthly mortgage payment was last made one year ago. Surprisingly the bank is willing to forgive $1 million of the mortgage principle but the congregation must come up with $2.3 million by May 5 or grab their Torah and clear out.

Come on bank, let their mortgage go!


Read more here.