July 13, 2011 - Grammy-winning rhythm and blues singer R. Kelly may need a discount moving company in Chicago, as the musician's mansion may fall victim to foreclosure, according to Curbed.
Kelly has reportedly failed to make monthly mortgage payments on his home since June of 2010, and JP Morgan Chase, the lender that financed Kelly's home loan, is now filing a foreclosure suit as a result, according to Chicago Real Estate Daily. The bank will be seeking to recover the remaining principal balance of $2.9 million as well as accruing interest charges, which increase by $251 each day the home loan remains unpaid.
Kelly is no stranger to the courtroom - he was once brought to court to answer to criminal child pornography charges and was also sued recently by his management company, according to the source.
The compound sits on 3.7 acres and 11,140 square feet of living space. The two-story home features a bevy of bathrooms - six full and seven half bathrooms to be precise. Despite the ample space, a source told Chicago Real Estate Daily that the singer has not lived in the home for some time and stopped making payments in a bid to force a loan modification.
While this is not good news for Kelly, it does throw recent reports that he was looking for a one-bedroom rental property in Washington, D.C. into light. According to Curbed, Kelly reached out for real estate help on his Facebook page back in June.
Kelly has reportedly failed to make monthly mortgage payments on his home since June of 2010, and JP Morgan Chase, the lender that financed Kelly's home loan, is now filing a foreclosure suit as a result, according to Chicago Real Estate Daily. The bank will be seeking to recover the remaining principal balance of $2.9 million as well as accruing interest charges, which increase by $251 each day the home loan remains unpaid.
Kelly is no stranger to the courtroom - he was once brought to court to answer to criminal child pornography charges and was also sued recently by his management company, according to the source.
The compound sits on 3.7 acres and 11,140 square feet of living space. The two-story home features a bevy of bathrooms - six full and seven half bathrooms to be precise. Despite the ample space, a source told Chicago Real Estate Daily that the singer has not lived in the home for some time and stopped making payments in a bid to force a loan modification.
While this is not good news for Kelly, it does throw recent reports that he was looking for a one-bedroom rental property in Washington, D.C. into light. According to Curbed, Kelly reached out for real estate help on his Facebook page back in June.
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