Kingdom Hall Mortgages....Interesting Info

gringojj

Hey guys its been a long time since I have posted but there was something I wanted to share that I had found and get peoples opinion.

In Massachusetts South Worcester County you can search real estate transactions from the past 40 years on a website called www.masslandrecords.com.

I was checking the history on the property at 700 Worcester St Southbridge , Mass in Worcester county which is the location of the Kingdom Hall.

It looks like from the records that the hall was first mortgaged back in the 60's by the WBTS and then again in the early 80's by the WBTS but then in the later 80's by mechanics bank which became bank boston. That all makes sense.

The curious part is that in the 90's it looks like they expanded the property with the owners of the property being the Southbridge Kingdom Hall Corp but the mortgage of 60,000 was held by a member of the congregation. I did a little more digging and it looks like this wealthy congregation member actually did a few mortgages over the years for other cong members for thier own houses.

Has anyone ever heard of a cong member mortgaging a Kingdom Hall or other members?

Any idea why?

Just thought I would share.

Jeff

Spook

I've been thinking about this recently in the off-hopes that kingdom halls will start to get foreclosed because of sub-prime loans. I don't have any expertise in the matter, but would love to hear from someone in the know.

There has to be some freedom of information act type stuff out there....

I'm really curious in general where-and-how the organization stores its capital. I suppose that's the million dollar question, though. I'm not a conspiratorialist by any means, and I don't think people are getting rich off this religion. I feel like JW's are in a catch 22 in that most of their capital is tied to property and most of their cash flow goes to publishing. Paper publishing is going out the door as a cheap medium of distributing information, and I don't think the WTBTS can make this change.

BabaYaga

Wow... the plot thickens. Your post is very well-timed... Cawshun was just asking about KH mortgages today...

http://www.jehovahs-witness.net/jw/friends/173147/1/Is-there-proof-somewhere-that-when-a-KH-is-sold

truthsetsonefree

It makes sense though it's rare. In the Chatham Square project in NYC, an unbelieving husband outright donated a large sum to the Hall. Most dubs don't have that kind of money, but it would not be against the rules. Of course it probably wouldn't be recommended as if that member got df'd it would be a perceived conflict of interest on the congregation's part. How do you shun the person who holds your mortgage?!

Isaac

ilovelamp120

I too, don't believe any one person is getting rich off this organization, but I'm sure there are millions of dollars outside of assets. Through real estate deals alone. Not to mention that no wages are paid out to the thousands of bros and sisters that keep the org running.

dinah

How do you shun the person who holds your mortgage?!

I don't think they would have a problem with that. If family bonds don't matter, why would a contract?

still_in74

no persons are getting rich off the org. The org itself just keeps getting richer. It is very good at making money. We all know the cong pays for the KH and then gives it to the WTS if it is ever dissolved.

the WTS loans the cong their own money back - remember the letter about excess cong funds? Dont keep it in the bank, let the WTS hold it for you and when you need it we'll give it back. But of course only after having loaned it out at interest to other cong's who pay for their KH and then hold it for the WTS and pay all the bills and insurance until the time comes the WTS wants it.

the WTS staying rich ensures the FDS many years of living with ultimate power - albeit in a tiny bethel apartment....