Rich n Famous has underwater homes and are foreclosed on too

http://4closurefraud.org/2011/07/14/strategic-default-jpmorgan-files-foreclosure-on-r-kelly-after-attempted-modification/
First, from Business Insider…
R. Kelly Hasn’t Made Payments On His Multimillion Dollar Mansion In Over A Year

R. Kelly is an incredible R&B Grammy award-winning artist known for everything from “I Believe I Can Fly,” which was featured in the hit movie Space Jam, to ”Ignition (Remix).” However, as he faces foreclosure on his Chicago mansion he himself may be rehearsing the lyrics “If I Could Turn Back the Hands of Time.”

Kelly has reportedly avoided payments on this multimillion dollar mansion for over a year—a decision that may be catching up to him now. However, something just does not seem right about Kelly’s foreclosure—he is financially stable and just completed a very successful tour last year.

The article goes on to spin why they think he is facing foreclosure…

When it comes to celebrity foreclosures it appears to be one of two things. One: the celebrity is living outside of his or her means and banking on future success to successfully pay their mortgage payments. However, as they leave the spotlight they are struggling to make ends meet. Or two: instead of paying mortgage payments they splurge on new cars, luxury vacations, and other perks reserved for the rich and famous. In the first scenario these celebrities are like many other Americans facing foreclosure—they simply did not alter their lifestyles in time to account for the recession. In the latter situation, these celebrities are using the money to pay for other ego-centered desires—to have the newest and best of everything. The second category is exactly where R. Kelly resides.

Is that so? Maybe, or could it be something else?

From ChicagoRealEstateDaily…
R. Kelly faces foreclosure on south suburban home

Mr. Kelly has not lived in the Maros Lane home for more than a year, according to a person familiar with his affairs. The singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan, according to the source.

The appraised value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The home is now worth less than the debt, the source said.

So maybe R Kelly isn’t “splurging on new cars, luxury vacations, and other perks reserved for the rich and famous or using the money to pay for other ego-centered desires—to have the newest and best of everything” instead of paying his mortgage.

Maybe he made a smart business decision to walk away from a property that is “worth less than the debt.”

Hey IVENT, your in Cook County. How about pulling the file for us to take a look at?

I bet with JP involved there may be some good “evidence.”

Oh and by the way, how does one “alter their lifestyles in time to account for the recession?”

I must of missed that memo.

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