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R. Kelly has made millions over his 20+ year career, so paying the mortgage on his Chicago mansion shouldn't be a problem. But, he hasn't ... and now the bank is ready to take it.
According Crain's Chicago Business, the singer may lose his mansion, after a $2.9 million foreclosure suit was filed against him by by J.P. Morgan Chase Bank, after a year of missed monthly mortgage payments.
Obviously, Kelly has made a lot of money, but is he strapped for cash? Due to the steep decline in residential property values, the singer wants his loan modified.
A friend of the singer said he stopped making payments, in an attempt to force a modification of the bank's loan, which promoted a suit by the bank.
The 11,140 square-foot home was custom-built for Kelly 11 years ago, but has sat empty for over a year. It sits on 3.7 arces, behind an imposing gate, and includes a four-car garage and six full bathrooms, but the appraised value of the home has fallen considerably in the last two years.
The value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The home is now worth less than the debt, the source said.
Kelly's loan was $3.5 million when it was issued in 1999, and its current balance is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 per day, and other charges, reports Crain's.
Source: ballerstatus.com
According Crain's Chicago Business, the singer may lose his mansion, after a $2.9 million foreclosure suit was filed against him by by J.P. Morgan Chase Bank, after a year of missed monthly mortgage payments.
Obviously, Kelly has made a lot of money, but is he strapped for cash? Due to the steep decline in residential property values, the singer wants his loan modified.
A friend of the singer said he stopped making payments, in an attempt to force a modification of the bank's loan, which promoted a suit by the bank.
The 11,140 square-foot home was custom-built for Kelly 11 years ago, but has sat empty for over a year. It sits on 3.7 arces, behind an imposing gate, and includes a four-car garage and six full bathrooms, but the appraised value of the home has fallen considerably in the last two years.
The value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The home is now worth less than the debt, the source said.
Kelly's loan was $3.5 million when it was issued in 1999, and its current balance is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 per day, and other charges, reports Crain's.
Source: ballerstatus.com