R. Kelly Facing Foreclosure

July 13, 2011 by Post Team 

R. Kelly Facing ForeclosureR. Kelly Facing Foreclosure, The foreclosure crisis has left millions of homeowners across the country in danger of losing their homes, but it is believed that the Grammy-winning singer R. Kelly is one of them?

According to Crain’s Chicago Business, Kelly faces a foreclosure lawsuit and 2.9 million mansion in suburban Chicago on claims that it has stopped making mortgage payments on the house since June 2010.

The lawsuit was filed in the Circuit Court of Cook County last month by JPMorgan Chase Bank in the house of 11,140 square feet built by Kelly in the south suburb 11 years ago. Kelly says he has not lived in the house for over a year and is said to have stopped making mortgage payments in an attempt to force the bank to negotiate a loan modification on the ownership of 3.7 acres, has six quarters complete bathrooms, seven and a half bathrooms and a garage for four cars.

The appraised value of the home fell 26 percent last year and 3.8 million, compared with 5.2 million in 2009, now worth less than the debt on it. The original loan issued for the home in 1999 was + 3.5 million and the current balance due is more than 2.9 million, not including unpaid interest, which is running at a rate of 251 per day .

Kelly’s spokesman could not be reached for comment at press time. Although he refused to comment on the foreclosure, told The Associated Press on Tuesday that “I Believe I Can Fly”, the singer is in financial trouble.

Financial problems appear to have dropped by any Kels, as the singer showed his support for his election for MTV News ‘summer song recently when he jumped on a remix of Britney Spears’ “Until the world ends.”

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