Bank Of America Wants Their Money! Common Facing Foreclosure On Chicago Condo

July 23rd, 2012 - By Brande Victorian

Source: accidentalsexiness.com

Checks must not be coming in like they used to for Chi-town rapper Common because he’s reportedly neglected to pay a very important debt—his mortgage.

According to legal documents obtained by TMZ:

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.

I’m not trying to count the rapper/actor’s ends but between him and his manager they ought to have been able to come up with $2,200. Maybe the celeb is planning to file for bankruptcy and has been instructed not to pay any of his outstanding debts, although that’s not a good look for him either.

So far, his reps haven’t commented on the situation. Let’s just hope Common doesn’t pop up homeless.

Brande Victorian is the news and operations editor for madamenoire.com. Follow her on twitter @Be_Vic.

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  • Adrina

    He can come live with me :-) I’m sure he has money. Probably bad accounting or something.

  • Kay

    When’s the last time common came out with a album? Just wright was what 2 years ago. He’s probably broke, you can’t blame the bank for taking his condo cause he didn’t pay his mortgage. That’s what there supposed to do.

    • LoveLi

      He actually realeased “The Dreamer/The Believer” back in December so I’m sure he’s not broke…

      • Kay

        If he’s not broke then why can’t he pay his mortgage?

        • LoveLi

          As in most cases, it’s probably terrible management and not staying on top of the financial situations. Plus it didn’t say that he couldn’t, it said that he hadn’t. There’s actually a world of difference in the terms.

          • Kay

            I’m sure no one would willing not pay their mortgage, any fool knows that results in a foreclosure.

        • LoveLi

          I won’t argue with you there. I’m under the impression that celebrities think they’re above taking care of their financial responisibilities once they reach stardom. There have been too many cases of celebrities not taking care of their bills and we’re barely halfway through the year.

  • Hello_Kitty81

    NOOOOOOOOO, not my boo too! I love Common because 1). He’s from my town Chicago and 2). He’s different from these mainstream brainless mind numbing rappers and his music makes my heart melt. I HATE YOU BANK OF AMERICA and I switching ATM cards today!

    • http://www.facebook.com/people/Dominique-Martin/100003065925958 Dominique Martin

      lmaooo! I’m a Chicagoan too. This is really shocking coming from him!

  • CA Pullen

    As fine as Common is and I love him, once again, another celebrity in trouble. When will these celebrities and athletes will ever learn? While you are travelling, making it rain in the clubs, spending like it no tomorrow, all over the world, you need to find time to pay your bills and have meeting with your accountant or business manager who ever manages your finances. Lesson number one: if you are going into the entertainment industry or becoming pro athletes (seems like the thinking now days for these young people) you need to take a finance class on how to keep and track your money and who you trust to managed it and make sure stuff get paid properly on time.

  • TRUTH IS

    “…..Crooked banks around the world will gladly give a loan today, So if you ever miss a payment, they can take your home away….”