Rapper Common Faces Foreclosure

by on Foreclosures

Rapper Common

When it comes to the current real estate market, many people have faced – and continue to face – foreclosure. Although a majority of the foreclosures are found among the working class, the rich and famous are definitely not immune. Over the last few years, everyone from Mel Gibson and Evander Holyfield to Michael Jackson himself has faced foreclosure.

Mr. Lonnie Rashid Lynn, Jr. – better known as rapper Common – may soon be another example of how even those living the high life may find themselves facing foreclosure due to everything from negligence to insurmountable debt that often comes with trying to always have the biggest and best items on the market (cars, houses, technology, etc.).

Common (formerly known as Common Sense) is a hip-hop artist who has also dabbled in acting, modeling, writing, and activism. Over the years, he has won two Grammy awards and has appeared in everything from Terminator Salvation to Happy Feet Two, and Date Night.

Despite his success in the studio and on the silver screen (as well as with the television series Hell on Wheels), it appears as though Mr. Common has failed to remain up-to-date on the mortgage payments for his Chicago condo.

Rapper Common May Lose his Chicago Condo

Although there has yet to be any word from rapper Common or his manager, a report from TMZ indicates that Common has not made a mortgage payment on his Chicago condo since March. The monthly mortgage payment for the condo is a striking $2,285 to Bank of America.

Common and his manager, Derek Dudley, reportedly purchased the condo back in 2008. Bank of America has filed and is demanding payment for the unpaid debt in order for the duo to avoid foreclosure on this Chicago property.

The news of this possible foreclosure – or at the very least failed mortgage payments – comes after Commons won the 2012 Centric Award at the BET Awards earlier this month.

In the end, Common and his manager may pay the amount owed to Bank of America – including late fees and interest – and be able to avoid foreclosure on the condo. However, if the matter goes unaddressed rapper Common may be the next celebrity to face foreclosure.