R. Kelly Faces $2.9 Million Foreclosure Lawsuit

R. Kelly faces the possibility of losing his Chicago area mansion. In light of this unpleasant economy celebrities are not shielded from foreclosure.

MTV reports, that the nationally known mortgage bank, JPMorgan Chase Bank filed suit in Cook County Circuit Court last month. The R&B singer allegedly stop making payments on his suburben Chicago mansion sometime in June 2010, “as an attempt to force the bank to negotiate a loan modification” on the property.

The 11,140-square-foot home has not been occupied for more than year and it seems that R. Kelly owes more money on the mansion than it’s appraised value. He secured a $3.5. million loan in 1999 and the current balance of the loan is more than $2.9 milllion.

A spokesperson for R. Kelly states the singer is not in financial trouble.

Related Eartodastreetz

• R. Kelly Reveals Title of Upcoming Album
• R. Kelly Takes A Break From Performing After Throat Surgery
• R. Kelly Wants Rowe Entertainment To Pay Up
• NEW Music: Rihanna ft. Chris Brown – “Birthday Cake” [REMIX]
• Mixtape: “From Olivia With Love” [R&B]