News: Chamillionaire Reveals Truth On Foreclosed Home, "My Mother Has Cancer"
Thursday, Jun 10, 2010 5:50PM
Southern rapper Chamillionaire has addressed the reports surrounding his recently foreclosed Texas home and said personal matters including his mother's fight with cancer were behind him letting it go.
In addition to his mother, Cham also said the birth of his son, Xavier, motivated him to have the foreclosure go through.
The normally very private rapper also added that he has family and people that depend on him, so his concerns lean towards being more responsible with his financial choices rather than how they make him appear in the public light. "My mother has cancer and she was looking at my house and my lifestyle and was afraid to come to me about money for medical bills," Cham said on the Madd Hatta Morning show. "And I'm like, don't do that. Whatever bills you have come to me about it. I had to ask myself was keeping a house that was not worth all the money I'd been paying on it worth more than my mother or my son? So that's the decision I made. I gotta make sure I make good moves." (XXL Mag)
Last week, details broke out about his Texas home being repossessed by a bank.
Chamillionaire had his Houston mansion repossessed by the bank after it went into foreclosure, but the rapper claims it was a calculated business decision. He bought the 7,583 sq. foot home in 2006 for $2 million, but failed to make several payments. It could just be us, but wouldn't it have been a better business decision to sell and not eff up your credit for all eternity?! (Perez Hilton)
Cham addressed the reports and said he felt the home was unnecessary.
But the hip-hop star claims he "decided to let that house go" because the downturn in the economy had turned the property into a bad real estate investment, reports TMZ.com. Chamillionaire tells the website, "I was always on the road touring. I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at." But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars." (Contact Music)
The rapper's tax records also landed online this month.
Chamillionaire's foreclosure problem is just one financial woe facing the Houston rapper. Turns out the hip-hop star owes the IRS more than $184,000 in delinquent federal income taxes, according to public records. The IRS filed a $184,692 lien against Chamillionaire (real name Hakeem Seriki) and his wife, Deetra, on Nov. 23 with the Montgomery County (Texas) Clerk. According to the lien, they owe income taxes from 2007. (Detroit News)
Check out Chamillionaire speaking on his mother's fight with cancer below: