You Know You Owe Us: Bank Of America Suing Mary J. Blige For $500K

February 8, 2013  |  

Source: WENN

It seems as if it’s every other day that we hear about celebrities finding themselves in the midst of icky court battles with financial institutions over large sums of unpaid money. Unfortunately, the latest poster child for mismanaged funds is our girl Mary J. Blige, reports the New York Post.

It is being alleged that the 41-year-old Queen of Hip Hop Soul defaulted on a $500,000 Bank of America loan. According to the Manhattan Supreme Court, the “Mr. Wrong” singer took out the loan back in 2005 and had faithfully made payments all the way up until June of 2011. That’s a huge problem, considering it’s February 2013.

As as result of her failure to pay off the rest of her loan, the nine-time Grammy Award winning singer now owes the financial institution $511,000, which includes a $497,000 unpaid principle in addition to interest. So far, no representatives from Blige’s camp have returned any phone calls or released any statements regarding the matter.

Hopefully, this is all some sort of misunderstanding and Mary can pay off her debt, clearing her name. But, the proof appears to be in the pudding, espcially since this isn’t the first time the New York native has defaulted on a hefty loan.

I’m always curious as to how regular people with modest salaries understand and recognize what happens when you don’t pay your bills, but  celebrities living lavish lifestyles don’t get it. When things like this happen is the actual celebrity to blame or their financial advisor or accountant? Do they forget they owe money or do they just flat out not care? I wish someone would do a one-time television special on the subject. Inquiring minds want to know. Possibly, it could replace the vacant slot where Shawty Lo’s All My Babies’ Mamas would’ve aired…

What do you make of Mary’s latest financial woes?

Jazmine Denise is a news writer for Madame Noire. Follow her on Twitter @jazminedenise

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  • me

    This was a horrible loan. You borrowed 500,000, paid on it for 6 years and still owe 497,000 on the principle?

  • D Man

    I personally know a lot of people who are over-all nice folks – but you’d be out of your mind to lend them money or co-sign for them. These same people are always the ones who get FURIOUS when you refuse to co-sign for them. Too bad – I co-sign for no one – period!

  • Say What?

    Bank of America should be the last one suing anybody with as many hardworking people they’ve scammed with their mortgages.

    • Nikki

      No one forced anyone to sign those mortgage contracts!!!

      • Kahekili

        You’re right. They weren’t forced, but people don’t know they are being scammed until after the fact.

        • Nikki

          Read the contract, and comprehend BEFORE you sign. It’s really not that hard. Don’t sign on the dotted line, if you don’t know what you’re signing for! And if you don’t understand what you’re signing, get a lawyer!

          • Kahekili

            Do some research.

  • Kahekili

    It probably isn’t a misunderstanding and she probably does owe.

  • Kenedy

    I think celebrities have a hard time understanding that because they don’t have an employer who automatically deducts income tax, federal tax & other taxes from their paychecks, doesn’t mean that they shouldn’t do the math, & figure out how much they owe the IRS….this concept just hasn’t quite sunk in yet…like they are not exempt, they have to pay up like everybody else…& all those multiple mansions they own, they have to keep up with their property taxes, all those cars they drive, they have to insure all of them….can someone please offer an accounting 101 classes for celebrities, cause they clearly need it….while these article necessarily isn’t about taxes, that always seems to be the issue with them

  • Guest360

    Pay your damn bills!! How hard is that?!

  • Robin

    I don’t understand why someone that’s worth $30-40 million needs to take out a loan for $500,000 and why she can’t pay it back. Sounds like Mary needs a better accountant.

  • She betta start selling more of those. . . . “Crisppaaaa Chickun, fresh lettuce, tomatta, wrapped up in uh tastee, flowa tortilla!”

    • I CAN’T