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CHICAGO REAL ESTATE NEWS & MORE

2011 VIDEO: R. KELLY FACING FORECLOSURE ON CHICAGO MANSION; JOIN THE CROWD

When it comes to a tough economy and a depressed housing market, it seems everyone is affected.  It was reported that this includes Grammy Award-winning singer, R. Kelly, who has been hit with a $2.9-million foreclosure suit on his 11,140 square foot mansion, located in Olympia Fields.  The Chicago suburb has seen a sharp decline in residential housing prices, and with Kelly buying at the peak in 1999, value on his home has also fallen.

The news surfaced when J.P. Morgan Chase Bank filed a complaint against, Robert S. Kelly, claiming he has not paid his monthly mortgage payments since June 2010.  This comes as a shocker to many, because he has made millions on his hit songs which include, “I Believe I Can Fly,” “Ignition”, “Your Body’s Callin”, and “Bump N Grind”.  But in the end, he would join the crowd of millions of other homeowners facing a foreclosure crisis.

According to a source, Kelly has not lived in the home for over a year, and he stopped payments on the mortgage due to the continuous drop in value.  It’s allegedly not due to financial troubles, as many originally suspected.  Sources say the reality is, like many homeowners, he felt the home pricing was in such bad shape, he quit paying the mortgage, in an attempt force the bank to negotiate a loan modification.

An appraisal shows the home price plunged by 26%, to $3.8 million, in 2010, compared  to $5.2 million in 2009.  Well, this sounds more like a short sale situation.  Hopefully Kelly will decide to go that route instead of a foreclosure, because although he is probably financially stable, it would cause his credit to fall into the gutter.  A short sale typically is a lot more forgiving than a foreclosure.

What superstar wants below grade credit?  R. Kelly, look up our short sale team if you would like to discuss this as a better option.  We would love to assist!

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July 17, 2011 - Posted by | REAL ESTATE NEWS | , , , , , , , , , , ,

8 Comments »

  1. […] 2011: R. KELLY FACES FORECLOSURE ON CHICAGO MANSION; JOIN THE CROWD (via Britta Rivera Venture) 17 Jul When it comes to a tough economy and a depressed housing market, it seems everyone is affected.  It was reported that this includes Grammy Award-winning singer, R. Kelly, who has been hit with a $2.9-million foreclosure suit on his 11,140 square foot mansion, located in Olympia Fields.  The Chicago suburb has seen a sharp decline in residential housin … Read More […]

    Pingback by 2011: R. KELLY FACES FORECLOSURE ON CHICAGO MANSION; JOIN THE CROWD (via Britta Rivera Venture) « Brittaj17's Blog | July 17, 2011 | Reply

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  4. […] R.KELLY FACING FORECLOSURE ON CHICAGO MANSION […]

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  7. […] R. KELLY FACES FORECLOSURE ON CHICAGO MANSION […]

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