Saturday, December 26, 2009
Bank Sues West Virginia Church
WEST VIRGINIA....
Fifth Third Bank of Cincinnati has filed a lawsuit alleging The Apostolic Life Church located at 350 Staunton Avenue in Guyandotte, West Virginia defaulted on the unpaid portion of a loan and falsified documents to make it look as if the balance was paid in full. According to the lawsuit, church leaders entered into a $900,000 loan agreement in May 2001 and then renewed it at least three times before the bank placed a lien on the property in February 2009. Fifth Third claims church leaders filed a "notice of correction" in September 2009 transferring ownership of the property from those named by the bank to the church and its leaders, and, a month later, filed documents releasing it from the loan. The bank is seeking more than $752,900 in remaining principal, interest, late fees and legal costs, but church leaders say they're confident the church will be cleared of any wrongdoing.
Fifth Third Bank of Cincinnati has filed a lawsuit alleging The Apostolic Life Church located at 350 Staunton Avenue in Guyandotte, West Virginia defaulted on the unpaid portion of a loan and falsified documents to make it look as if the balance was paid in full. According to the lawsuit, church leaders entered into a $900,000 loan agreement in May 2001 and then renewed it at least three times before the bank placed a lien on the property in February 2009. Fifth Third claims church leaders filed a "notice of correction" in September 2009 transferring ownership of the property from those named by the bank to the church and its leaders, and, a month later, filed documents releasing it from the loan. The bank is seeking more than $752,900 in remaining principal, interest, late fees and legal costs, but church leaders say they're confident the church will be cleared of any wrongdoing.
# posted by Homer Owens @ 9:03 AM 
