News: Common Escapes Foreclosure, Cashes In $350,000 Deal
Tuesday, Oct 2, 2012 4:15PM
G.O.O.D. Music's Common has reportedly avoided foreclosure on a Chicago apartment, selling the fancy two-bedroom spot for a quick $350,000 this week.
Reports of the rapper-turned-actor's pricey deal hit the Internet Tuesday (October 2) afternoon.
Even celebrities are being threatened with foreclosure. Rapper/actor Common nearly lost his condo in Chicago's South Loop. The performer sold the two bedroom unit Monday for $350,000, slightly more than he owed Bank of America, and $50,000 less than he paid for hit. Common and a partner bought it as an investment four years ago, hadn't made a payment since March, and the bank filed to foreclose. (ABC Local)
Around mid-July, Common's camp stepped forward to clear the air on foreclosure rumors.
Common's rep tells TMZ the two sides have reached an agreement ... explaining, "The Chicago property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact." (TMZ)
Earlier the same day, reports claimed Common fell back on monthly mortgage payments beginning in March.
Common (real name: Lonnie Lynn) is facing foreclosure on the Chicago condo he mortgaged in 2008. Bank of America claims that Common, who co-signed the mortgage with his manager Derek Dudley, stopped making monthly $2,285 mortgage payments in March. The bank is threatening to sell the property, located at 100 E. 14th St., to recoup $345,389.52 in failed payments, plus interest and penalties, the Chicago Sun-Times reports. (Huffington Post)
He previously had the Chicago crib available for rent at a $2,500 monthly rate.
Records show Lynn and Dudley paid $402,000 for the condo in June 2008 and financed the deal with a mortgage of $361,511. Two years ago, Common listed the two-bedroom, two-bath condo for rent, asking $2,500 per month. The rapper and actor is one of the Sun-Times' rotating celebrity columnists on the Daily Splash page. His most recent column appeared in Monday's paper. (Sun Times)
Check out a recent Common interview below: