A U.S. Bankruptcy Court judge yesterday found insufficient grounds to dismiss Greater Love Tabernacle Church's bankruptcy case at the request of its mortgage holder, who cited the Dorchester church's inability to refinance its debt.
Judge Joan Feeney ordered the church to file an appraisal and report on its fundraising efforts toward a purchase of its property or mortgage refinancing before an April hearing.
The church, which filed for bankruptcy in 2013 with some $803,000 in debt after VFC Partners 118 LLC threatened foreclosure, owes its Texas lender approximately $700,000.
"What we're trying to do is come up with a combination of contributions and a new loan ... to pay off the existing debt, and we hope (VFC) will take that at a discount since they purchased the loan at a deep discount," said Michael Goldberg, the church's attorney. "Another option is to use the bankruptcy to restructure the existing note, lower the interest rate and stretch it out over time."
The church so far has raised $150,000 for its refinancing fund.
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