DEWAYNE ALBINE
I recently spoke with Mary Jo Albine, wife of Rev. DeWayne Albine who just passed away.
Brother Albine became a dear friend of ours. He was a great blessing to everyone at Miracle Valley.
I pray the Holy Spirit will be with Mary Jo and her children in the coming months.
MIRACLE VALLEY
Many want to know the status of Miracle Valley.
We purchased Miracle Valley for $650,000. We obtained loan from Landmarc Capital for $900,000. This allowed us to pay off our existing mortgage with the Assemblies of God and gave us $100,000 for improvements of the property. The loan company required us to pay $150,000 for loan origination fees, so this took the loan to the full $900,000 mortgage. The interest rate was 16%.
The loan was to be a balloon payment, due in 24. However, if we made at least 12 months payments on time, the balloon was to be extended to 60 months. Needless to say, we made far more than 12 months payments on time. However, the mortgage company called the mortgage due on the 24th month.
We had tried to get a refinance from other mortgage companies, yet it was to no avail. And once our existing mortgage company filed foreclosure against us, it became even more so difficult to obtain a new loan.
Last fall, we were forced into filing bankruptcy in order to save Miracle Valley. We do not believe in filing bankruptcy except only as the last resort because as Christians, we seek to always pay our debts.
The mortgage company doubled our interest rate to 32% and this became the big killer. We could not possibly obtain a new mortgage unless we were able to acquire adequate funds to put metal roofs on the other 10 buildings.
The monsoons this year were so bad that some of the entire roofing material has collapsed inside the buildings. It is heart breaking to see this, yet there is nothing we can do because of the lack of funds.
Unless God gives us a miracle, everyone will vacate the Miracle Valley property the end of the month.
The mortgage company wants Two Million Dollars for Miracle Valley. The simple fact is, Miracle Valley is not worth it, especially in its present conditon.
YEAR OF JUBILEE
FOR MIRACLE VALLEY
We have done everything possible, and now it is in the Lord's hand.
This is still the YEAR OF JUBILEE for Miracle Valley. It was 50 years ago that Miracle Valley was founded by Rev. A. A. Allen.
Since 1958, there have been Bible classes offered on this campus and many people have been impacted with the Gospel of our Lord & Saviour Jesus Christ.
WE ARE STILL BELIEVING GOD FOR A MIRACLE