Ministerio El Shaddai, the North Phoenix church which faced foreclosure last August, will be able to stay in their current facility as a result of an American Homeowner Preservation short sale leaseback. The church’s lease payment of $759 is 50% less than their prior $1,500 mortgage payment with One West Bank(formerly Indy Mac). In addition, the church received an option to repurchase at $48,300, a 74% discount off their prior $184,500 mortgage. One West made an exception to their arm’s length short sale policy to allow the seller, Pastor Edgar Vanenzuela, to have an interest in the entity receiving the lease and option, Ministerio Mi Familia Corporation.

“We stayed strong in faith while waiting for the outcome  and God will bless AHP and One West for their works. This is truly a miracle,” said Pastor Valenzuela. “They can’t believe that AHP was able to save the church. This is unheard of according to many church members. All they see is banks stealing homes from them, and they saw Indy Mac(now One West) no differently and assumed the worse,” added Gilbert Bivens of Aztec Financial Resources.

Media coverage of the church’s August foreclosure scare attracted many new congregants to the church. “90% of the seats are full every Sunday,” said Pastor Valenzuela. As a result, church finances have improved significantly.