R Kelly's Mansion in Foreclosure
Thu, 14 Jul 2011 10:28:46
Famous R&B stars aren't even safe from the mortgage crisis, as R. Kelly is reportedly facing foreclosure on his suburban Chicago mansion.
According to Crain's Business Chicago, Kelly is up against a $2.9 million foreclosure lawsuit due to claims that he has failed to make mortgage payments on the home since June 2010.
Some of the fine print: The suit was filed in Cook County Circuit Court last month by JPMorgan Chase Bank over the 11,140-square-foot home built by Kelly in the south suburb 11 years ago. Kelly has not resided in the property for approximately a year and ceased making payments in an attempt to force the bank to negotiate a loan modification on the home, which has six full bathrooms, seven half bathrooms and a four-car garage. It appears to be like a short sale situation, as the home is worth less than Kelly owes on it.
What do you think of R. Kelly's mortgage issues?