We have rented the building that the children’s home is located in for over 10 years. The owner had taken a mortgage out using the property as collateral. About a year and a half ago, the owner quit making the mortgage payment.
Inday found out about from the bank what was going on and that they were going to start foreclosure action. She has been making the payments since then to keep it out of foreclosure.
When I was there in May, the banker talked to me and explained that the owner had actually taken out mortgages against two properties. As I understand the problem, the other property was in such bad condition that the unpaid mortgage exceeded the value of that property. The value of the property where the children’s home is located exceeds the unpaid balance of both properties. The banker is feeling pressured to liquidate both of these properties to recover the bank’s financial exposure.
At this time, we do not have a deadline, but it will be coming sooner than later. The preferred way is to pay off the unpaid balance of the property where we are and get it into our name. It will cost right at $5,400 at the current rate of exchange for all fees; payoff of the mortgage, survey or as they called it engineering, and legal fees to register it.
The current owner has already signed the papers with the banker to allow this transaction to take place. We would own the property and would not be liable for the other property if this occurs before the banker is forced to take action. If it occurs after the bank takes action, our expense to keep the property would be more than double that amount.
I would ask that you keep this situation in prayer. If you have a donation that you would like to put towards the building fund, you may do so on the support tab on the website, and with that in mind, we are a 501-C-3 non-profit organization with all the tax advantages that would apply to your situation.
You can keep up with the happenings at the children’s home in your Facebook feed by liking and following us on Facebook at https://www.facebook.com/childrens.hope.90
You may also support the children’s home by going to the following link http://hopehomeandschool.com/index.php/support/
Also, if you share the Facebook postings when you find them interesting, it will help spread the word about our children.
If you would like to hear more about the children’s home, I am available to speak to your church, missions group, or other organization.