Celebrity Affected by Foreclosures in Houston

by Peter Vernon on cities

Rap artist Chamillionaire, whose real name is Hakeem Seriki, was not spared by the ongoing problem of foreclosures in Houston. The recording artist, who is best known for the song “Ridin’,” has opted to default on the mortgage for a mansion he owns in Houston, Texas. According to the rapper, the decision was prompted by the fact that the house is now worth less than the mortgage he pays.

With Texas foreclosures continuing to be a primary concern for the state, even celebrities are not spared. The rapper readily admitted that it was his decision to let the property go because it ended costing him more to pay for its mortgage, with the house ending up less than what it was originally worth.

The more than seven thousand-square-foot mansion is expected to be soon included among foreclosed homes for sale in the state. Chamillionaire owns several residential properties and has revealed that the Houston mansion has the most expensive mortgage among the homes that he owns. He admitted that his hectic tour schedule prevents him from spending a lot of time at the house.

With foreclosures in Houston continuing to rise, the rapper has stated that the residence does not represent a good investment, with him paying for the mortgage for a property that he hardly stays in. He also claimed that he had no problem paying for the monthly mortgage of $2 million for the residence; he just did not think that it will be worth it, particularly as the value of the mansion has considerably declined since he purchased it in 2006.

The number of bank owned homes for sale and foreclosed houses in the city continue to be high and these properties also include expensive and high profile homes. Chamillionaire’s Houston mansion is just one of the many affluent residences that are being reverted back to lenders after their worth has declined or owners decide to let the properties go.

The rapper clarifies that there was no financial negligence involved; it was a decision he made after weighing the pros and cons of whether to keep the property or not. He also stated that he is not worried about the impact of foreclosures in Houston on his home and added that, at least, he was able to keep all his cars.

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