St Tikhon’s Seminary, Victim of Predatory Lending

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St Tikhon’s Seminary, Victim of Predatory Lending

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While it looks like Metropolitan Herman went instead with Honesdale Bank for a cash-out refinance when they started snooping on the OCA’s finances, here’s hoping the Pennsylvania seminary doesn’t become yet another victim of America’s housing crisis. NFTU

Six weeks after the Metropolitan Council unanimously requested the 2007 financial statements and audited reports from St. Tikhon’s Monastery, in early April 2008, former Metropolitan Herman quickly arranged a $152,000 loan from the Honesdale Bank according to documents sent to the Metropolitan Council by an unidentified OCA member. The mortgage was taken out without the knowledge or authorization of the Metropolitan Council, in an apparent violation of the OCA Statute. Members of the OCA Administration have also privately denied knowledge of the mortgage, but no public comment has been made.

One of the three documents Skordinski included in her email to the Metropolitan Council was a pdf copy of a mortgage recorded with Wayne County (#200800006664) by The Honesdale Bank for $152,000 signed by Metropolitan Herman, dated June 25, 2008. Pledged as collateral for the 5-year loan are St. Tikhon’s monastery and lands, excepting the Seminary buildings and facilities. The Honesdale Bank has already extended a $1.7 million loan for the OCA, with the estate at Syosset pledged as collateral.

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