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Wednesday, March 20, 2013

Bank Takes Back R. Kelly's Home in Foreclosure

R. Kelly

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R.Kelly Loses Home To Foreclosure

R. Kelly

Looks like R. Kelly joins the list of celebs in financial woes.  Kelly's massive Chicago mansion has been taken back by the bank after the singer stopped making mortgage pages.

According to sources, the Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage with a bid of $950,000.

This is something that snuck up on the Trapped in the Closet creator.  Back in 2011, the bank hit Kelly with a $2.9 million foreclosure lawsuit claiming he had not paid his monthly mortgage payments in over a year.

Kelly reportedly left the home in the village of Olympia Fields and stopped making payments to get the bank to work with him on a loan modification. Kelly originally took out a loan for $3.5 million to buy the home in 1999, according to JPMorgan’s lawsuit. The value of the home dropped fast after the housing crash hit: It sank from $5.2 million to $3.8 million within a year.

Let's hope he gets it together before he's trapped and living in a closet somewhere!

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