Rapper Common, who controversially made a visit to the White House, is now about to lose his Chicago apartment to foreclosure.
TMZ reported that Common hasn’t made a mortgage payment on his Windy City apartment since March, so Bank of America has moved to seize the property. Legal documents show the rapper and his manager owe $345,000 plus late fees and penalties. So, Bank of America is taking action and wants to sell the condo.
Common has been very busy of late appearing in two films, a TV show and hit TV series “Hell on Wheels,” for AMC. So he should have enough dough to meet a $2,285 a month mortgage.
Reps for Common have not responded to the foreclosure reports.
Some property owners, in light of declining home values, have chosen to strategically default on their mortgage loans. Instead of allowing a bank to seize their property, a foreclosure attorney can offer an alternative to foreclosure such as a short sale.
The majority of those facing foreclosure however only have one home. Unemployment, underemployment or medical bills are among the many reasons people fall behind on their mortgages, but when they have a foreclosure lawyer on their side they can challenge the banks and take steps to keep their homes.
Mortgage modifications, short sales or a personal bankruptcy are a few of the options available to a troubled homeowner. Before a homeowner make their final decision on how to handle a default notice it is wise to get the opinion of a foreclosure attorney to determine which course of action they should take.