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Faith-based CU takes over church in foreclosure
OCEANSIDE, Calif. (5/1/08)--Evangelical Christian CU (ECCU) took over Ambassador Family Church in Oceanside at a trustee sale in April. Church membership dropping to 200 from 800 in recent years, and cost overruns and financial turmoil that arose from building a new church on the property purchased in 2000, led to the foreclosure (NCTimes.com April 29). “We’re negotiating with the church regarding a variety of month-to-month rental options to remain in the property while it is being sold,” Jac Latour, ECCU communications and public relations manager, told News Now. “This is a rare occurrence because when a ministry is in a relationship with ECCU, we try to help them navigate through any rough waters that they are in,” he added. The property fell into default in December and the $1.029 billion asset, Brea, Calif.-based credit union took back the property--valued at $5.6 million--April 17, the newspaper said.


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