Tithing Pays, and pays, and pays...
We reproduce the following email without further comment.
Someone quoted on your "mailbag" page requested info on Rod Meredith's salary. Here's an excerpt from something I received a few years ago while Global was still intact, that gives an idea of what his and others' salaries might have been.
"Enclosed are two title company reports -- one for Roderick Meredith and the other for Edwin Pope.
"Pope: The house is new construction in 1994. It was purchased from the builder for $400,000. It is a huge house with 4,159 square feet with 5 bedrooms, 4.5 bathrooms, and a three-car garage. A house of that size for just two people.
"In February of this year, the house was refinanced for $323,000 plus a $60,000 equity line of credit. In order to qualify for such an amount (at 80% on the appraised value), the value of the house had to be $478,750. This means that the house had to appreciate in value since the date of purchase (June 20, 1994) by over $95,750. This could have been from land appreciation or by additional upgrades to the structure or both.
"In order to qualify for the original $319,900 mortgage, $7,264 in annual property taxes, $150.00 per month homeowners' association dues, and approximately $75.00 per month homeowner's insurance, the borrower would have to be earning over $10,300 a month or $123,600 a year or state on his mortgage application that he did. Regardless of that, the actual mortgage payment with taxes, homeowners' association dues, and homeowner's insurance would be about $3,400 per month or $40,800 per year.
"Meredith: The house is also new construction. It was purchased from the builder for $322,000. The size of the house is not shown by the title company, however, the sales price and the fact that it was new construction (which sells for about $110/square foot in that area) indicates that it is probably about a 3,000 square foot structure.
"In order to qualify for the $257,500 mortgage, and $4,208 in annual property taxes, and approximately $65.00 per month homeowner's insurance, the borrower would have to be earning over $7,300 a month or $87,600 a year or say that he did. Regardless of that, the actual mortgage payment with taxes and homeowner's insurance would be $2,400 per month or $28,800 per year.
"McNair: On the next to last page of the profile on Pope, there is a listing of other sales on the same street. Coincidentally, Raymond McNair is listed as living across the street and down one house (lot 7 -- see map). It's the same size house, 4,159 square feet, for just two people. His purchase was about one month after Pope's and for $450,000, indicating he probably had numerous improvements and upgrades made to his house, since it is the same size as Pope's. Assuming a mortgage of 80% loan to value, or $360,000 at the then current rate of about 9%, McNair's monthly payment with principal, interest, taxes, homeowners' dues, and homeowner's insurance would be about $3,800 per month and $45,600 per year -- JUST FOR HIS HOUSE PAYMENTS!!! And in order to qualify for that payment he would have to earn $11,500 per month or $138,000 per year, or say that he did.
"This is the man who asked us from the pulpit to please pray that God would allow him to sell his house in Florida because he couldn't afford to keep up both house payments. No kidding! I wonder what the mortgage on the house in Florida was."