News: Diamond Speaks Out On Home Foreclosure Rumors
Thursday, Dec 23, 2010 12:35PM
Former Crime Mob member Diamond has stepped forward to address the gossip speculating that her Atlanta residence went into foreclosure.
Diamond claims people misunderstood what really happened with her property.
"It was a business decision, plain and simple," the Jive/Battery Records artist told XXL. "I bought that house in '02. It was a house I did live in at the time for about a year. But then I got into other rental properties and flipping my money and moved out of that house. The recession hit and the real estate market was not doing what it was supposed to do, so instead of selling it, I rented it out. Then the rental market slowed down, too. So I asked myself, 'Should I keep this house when no one is buying it or renting it?' If I can't sell it, recoup my money or have anyone rent out the property, then why would I keep it? So I decided to let it go to foreclosure last year...People do it all the time...Donald Trump does it. If a person can't understand that, then they're stupid." (XXL Mag)
The rapper also said although the news has recently begun circulating online, the news on her foreclosure is an outdated story.
"It's kind of funny that this is coming out now because I let the house go to foreclosure a long time ago," Diamond added. "I guess with the courts and it finally going on the market, all of this is just now coming out. I've upgraded my place of residence four times since that first house. I don't want to say where I live now, but I want my fans to know that I own the house that I live in now." (XXL Mag)
Reports of Diamond and rumored boyfriend Lil Scrappy's mortgage deprivation landed on the Internet last week.
Atlanta, Georgia Rap couple Lil Scrappy and Diamond are both in financial troubles, according to TheYBF.com. After a recent videotaped car possession for Diamond, documents have now been released that reveal Georgia homes owned by each are currently on the market after foreclosure. Per reports, the couple is now living together in a rented home, and are allegedly deliquent on rent payments. (Hip Hop DX)
Earlier this year, Southern rapper Chamillionaire made headlines after one of his homes went into foreclosure.
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)
Listen to Diamond's "Sex In The Club" down below: