CROWN POINT | Outside financial oversight of Family Christian Center is winding down and expected to conclude Oct. 31, according to an agreement presented in court Tuesday.
Representatives of the Munster-based church and its mortgage holder, Evangelical Christian Credit Union, reaffirmed an agreement the church conduct its own financial affairs for six months with an eye on reaching a loan modification.
Evangelical Christian Credit Union filed a foreclosure suit against the church in 2011 when it defaulted on the mortgage for its worship center at 340 W. 45th St.
In March 2012, Family Christian Center agreed to have its financial operations taken over by Rally Capital Services LLC. The Chicago-based company offers financial and other services to underperforming and distressed companies, according to its website.
Lake Superior Court Judge Diane Kavadias Schneider on Tuesday asked for reassurance the administrator's recommendations were in place, crediting Rally for its performance.
"The court's concern is we've been doing this since 2011," she said while granting there appeared to be a "light at the end of the tunnel."
"We have to reach a resolution one way or another," she said, setting the next status hearing on the case for May 8.
Following the brief hearing, an attorney for the church, former Lake County Sheriff Roy Dominguez, said the church and its mortgage-holder have resolved their issues and are working in concert for the Family Christian Center to prosper.