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Chicago Chabad House Avoids Foreclosure
A Chicago Chabad House avoided foreclosure by filing for bankruptcy. The brownstone housing the Lubavitch Chabad of the Loop, Gold Coast and Lincoln Park was to have gone on the auction block Wednesday, but the bankruptcy filing this week gave Chabad additional time to repay a bank loan, the Chicago Tribune reported.
The group has found a way to pay its debts but needed more time, Rabbi Meir Chai Benhiyoun said, according to the Tribune.
Seven years ago, Chabad sought to build a new center at Chestnut and Clark streets, on Chicago’s so-called “Gold Coast,” and used its building on North Dearborn as collateral to the bank on the $4.9 million loan.
Following the economic downturn, donations for Chabad took a hit, the bank changed its rules and the organization was unable to finance its loan on the new property.
The Chabad House has served as a residence, classroom and a place to stop for Jewish travelers on visits to Chicago.
rabbi joseph
If a private person files for banc it is a busha why would this not be.
He has not paid a mortgage payment for 2 years why do you think the bank should not take it away…
ben
Such a warm chabad house ,great shluchim,we have so much to learn from them.much hatzlacha
to the wack that wrote #1!!!!!!
to number 1!!!!!!!!!!!!
i ususally dont comment.. and i really shudnt comment this time,, cuz the words that i want to use to comment on you are not allowed on this website!!!!!! u shud be ashamed of yourself on the fact that u just write something without knowing the whole story or wat ur talking about!!!!!!!! whoever u are wen u get into the real world and not just make stupid comments on “crownheights.info” ull relize how big of a fool u are!!!!!!!!!!!!
Milhouse
#1, This is what bankruptcy is for. Do you WANT the Rebbe’s work to stop chas vesholom?! What kind of “rabbi” are you?
Al Todin...
To Number 1:
I’m not sure if you realized this, but we are in a bed economy. People who used to give donations are now on the receiving end, and institutions who took out loans based on the demographics of their neighborhood and pattern of donations are now not able to make the loan payments because of the changes. I don’t know these Shluchim personally, but they have a stellar reputation and I am sure the not paying of the loan caused many sleepless nights and agmas nefesh. So they filed for bankruptcy to allow them time to reorganize. So instead of being judgmental, why don’t you perhaps make a donation to them to start the ball rolling to help them continue doing the Rebbe’s work!
awacs
Number 1:
Don’t imagine that he’s going to avoid paying – bankruptcy just buys him some time. At the end of the story, he’s going to have to find the money, or find somewhere else to live. :-(
A chosid of a living Rebbe!
#1 there are a few choice words that can describe your foolish comments but they are not fit for print!.The Rebbe told many Shluchim to go into debt on behalf of Avodas Hakodesh. there is no shame in Bankruptcy & if those who are able put their money where their mouths are Meir Chai & company will be successfully able to continue doing the Rebbe’s Ratzon until it is no longer necessary!
FROM 770
WHAT IS HAPPENING ALL CHABAD HOUSE IS GOING FORCLOSURE, BAD NEWS….
Anonim
Read the full information on this and the prior article.
The bank changed its terms.