Rapper Common Faces Foreclosure on Chicago Property

Rapper Common Facing Chicago Foreclosure

The all-to-common problem of foreclosure has apparently struck rapper Common.

Common (a.k.a. Lonnie Lynn) is reportedly facing foreclosure on a Chicago condominium he purchased back in 2008.

Loan holder Bank of America says in legal documents that Common stopped making the $2,285 payments back in March. He co-signed the loan with his manager Derek Dudley.

The bank says they will sell the property for $345,389 to recoup the payments, interest and fees on the 14th street home.

Common’s publicist says the home is not being foreclosed on and that the rapper and his manager have found a buyer for the home. They are set to close on the deal in the coming weeks.

Just a year ago, RealtyTrac reported that Chicago had one of the biggest inventories of foreclosed homes in America.

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Source: Huffington

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