Citibank Sues Diddy Over Unpaid Home Loan For Ex’s House
Citibank has a beef with Sean “Diddy” Combs. The bank has fired off a lawsuit against the hip hop mogul as well as the mother of his son Justin, Misa Hylton-Brim. Citibank is claiming that the former couple has defaulted on a $72,000 loan for a home in New York.
Citibank says Combs co-signed the bank loan and that he and Hylton-Brim stopped paying on the loan way back in July 2010. Now, the bank says it’s due a total of $622,518.34 and they are demanding that the full amount be paid immediately. The bank has also issued a court order to allow them to sell the home at a foreclosure auction.
According to thejasminebrand.com, Combs has countered Citibank’s claims. Combs says since Hylton-Brim agreed that she would be responsible for the monthly payments and he only was co-signing to help her get the loan so he did not default. He wants to be dismissed totally from the lawsuit.
But Citibank said they notified Combs and Hylton-Brim of the default and gave them more than enough time to respond. “Despite the notice, the bank says neither Combs nor Hylton-Brim responded,” reports EURWeb.
And Citibank adds that since he co-signed, they hold him responsible for the total amount owed.
We’ve offered warnings in the past about co-signing on loans, but what are your thoughts on this situation?