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Everybody loves Common, which is why most of us hate reading about things like this. TMZ is reporting that the rapper is facing serious financial setbacks with his Chicago condominium. Common allegedly hasn’t made any mortgage payments on the Condo since March, leading Bank of America to file foreclosure proceedings against him.
Common, whose real name is Lonnie Lynn got into a pretty steep mortgage along with his manager, Derek Dudley back in 2008. The payments on the condo were $2,285 per month, which Common has not paid for several months, for reasons that we do not know.
The bank is seeking to sell the property asap. They are trying to get the total amount of the mortgage back from Common, which comes to $345,389.52, if you include interest and penalties.
Common isn’t speaking about his financial woes, but we can say that 2008 might have been the absolute worst time for anyone to buy any kind of real estate. Since that time, property values have plummeted, since this was the beginning of one of the worst financial crises in American history. We don’t know if Common bought the property before or after the real estate market went belly up, but we hope that it wasn’t before.
We also expect that a man of Common’s stature would be able to make $2200 per month mortgage payments. Hundreds of thousands of working class residents of New York City make payments of the same size, so it’s surprising that Common would have this kind of trouble. But the revelation of Common’s default puts him among millions of other African Americans who are at risk of losing their homes due to foreclosure, with a chunk of those residents living in Common’s home town of Chicago.
We love Common to death, so we hope that he’s doing alright. Let’s go make another hit movie, or record or something!
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ALICIA RAE
July 26, 2012 at 4:45 pm
@bhigdaddymark
the truth, whole truth, and nothing but the truth
RAP, THE ORGINAL
July 24, 2012 at 11:04 pm
COMMON MIGHT HAVE TO GET COMMON
BigJay
July 24, 2012 at 4:32 pm
@bhisdaddymark you sound like a straight hater. You don’t know his situation or any of theirs for that matter. Worry about your rent being paid.
bhigdaddymark
July 24, 2012 at 4:49 am
Another ‘Common’ idiot. I never feel sorry for entertainers and sports figures who find themselves in this sort of trouble, ‘F’ them. They’re too busy buying flashy material things adorning themselves with loads of bling, bling instead of keeping a close eye on their finances and business. When you’re making a sizable income, why in the world would you want a mortgage? That’s equivalent to having $500K in the bank, and taking a car loan on a VW which makes absolutely zero sense. These idiots put all of their trust in managers and accountants and in the end, they’re the ones who get screwed and that’s their fault. I hope he loses his condo.Maybe he ought to move back into the hood where if he moved into the projects, he could afford the rent and would not be living beyond his means the stupid-a*s.
Kim P.
July 24, 2012 at 3:54 am
If you love him so much why is it necessary to put his business on blast. Surely there are more newsworthy stories.
Tanya
July 23, 2012 at 5:04 pm
Mind you own business…worry about your own rent…
ALICIA RAE
July 23, 2012 at 11:18 am
NO COMMON SENSE
AP
July 23, 2012 at 11:08 am
This goes to show just because you have appear to be successful you may not be money savvy…Common, Nas, MC Hammer, Lauryn HIll, Jermaine Dupree, Ronald Isley, R. Kelly, Wesley Snipes etc… these are pretty successful people yet the IRS has all hit them in the rear. Really the old saying goes… “The Meek Shall Inherit the Earth” if you live within your means when setbacks come you are not worried you get out and hustle harder!
ronald
July 24, 2012 at 1:34 am
Money savvy has nothing to do with it. The Feds changed the rules right in the middle of the game, and traditional buy low/sell high went out the window. His condo maintenance fees are probably as high as the mortgage. He’s probably making a good decision to just do a strategic foreclosure. Companies do it all the time with their real estate.
Erica
July 23, 2012 at 10:49 am
I’m struggling to stay out of foreclosure on a $27,000yr salary, these guys make millions and can’t/don’t pay their bills,end up owing the irs and having to file bankruptcy,go into foreclosure, either they have bad financial advisers or they are just plain bad with money.
John Dixon
July 23, 2012 at 10:42 am
All the high profile entertainers Common knows they could not offer him a loan, gift or job? WOW