R. Kelly facing foreclosure on $2.9 million Chicago home!

Grammy-winner R. Kelly is facing foreclosure on his $2.9 million Chicago mansion!
Crain’s Chicago Business reported Tuesday that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court. The complaint states that Kelly hasn’t made monthly mortgage payments since June of last year.
Crain’s reports the Olympia Field home’s appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million
The principal due is more than $2.9 million.
The R&B singer’s spokesman, Allan Mayer, declined to comment about the foreclosure. But he tells The Associated Press that Kelly isn’t in financial trouble.
Mayer says Kelly now lives in Chicago and that his recent tour and 2010 album, “Love Letter,” were successful.
I’ve never had to deal with foreclosure (knock on wood), but isn’t a YEAR an awfully long time to go without paying? It took the bank a year to file a foreclosure lawsuit? That seems awfully crazy to me. How does someone go without making a payment for a full year before action is taken. Methinks if this were a regular joe-shmoe, they wouldn’t have waited so long.





























