News: Common Faces Foreclosure, Bank Wants Windy City Rapper To Pay Up
Monday, Jul 23, 2012 10:53AM
Chicago rap veteran Common could possibly lose his Windy City crib to foreclosure with reports claiming he allegedly owes mortgage payments to Bank of America.
Although Common has yet to address the gossip, reports claim he stopped making payments last spring.
Mortgage payments are allegedly an uncommon practice for rapper Common ... who is now in danger of having his Chicago apartment foreclosed on because he allegedly hasn't paid his mortgage since March. According to legal docs,Common (real name Lonnie Lynn) and his manager, Derek Dudley, got a mortgage for a condo back in 2008. But Bank of America claims ... beginning in March, the duo stopped making the monthly, $2,285 mortgage payments. So now BOA is getting tough, filing foreclosure docs. The Bank wants to sell the property, and recoup the amount of the mortgage, plus interest and penalties, which total $345,389 ... and 52 cents. (TMZ)
Last year, producer Timbaland avoided a foreclosure on his Florida crib after making a last-minute deal.
A Timbaland insider familiar with the condo issue today called the lien a clerical error. After being contacted by The Detroit News, the producer's financial team wrote a check for the balance of the assessment and saved the condo from foreclosure, the insider said. Though Mosley owns the condo, he relies on financial advisers to pay bills, freeing him to build beats instead of scratching checks, the insider said. "He's the CEO, but he delegates to others," the insider said. Another complication: the condo association hadn't sent a bill to Mosley's financial advisor for two years, the insider said. "As soon as this was brought to our attention, it was paid immediately," the Timbaland insider said today. (Detroit News)
In 2010, Atlanta rapper Diamond addressed geting linked to foreclosure rumors.
"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)
Southern rapper Chamillionaire previously made headlines after a bank took one of his homes.
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)
Check out a recent Common interview below:
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