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!