Less than 24 hours after rap veteran Common made headlines for one of his Chicago homes facing foreclosure, the rapper-turned-actor’s representative has stepped up to clear the air.
According to Common’s camp, he squared things away with Bank of America and no longer has to worry about foreclosure.
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 in the 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 over $2,000.
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)
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)
Check out some recent Common footage below: