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Chamillionaire -- I Chose to Be Foreclosed On

6/3/2010 1:24 PM PDT BY TMZ STAFF

A Houston mansion owned by rapper Chamillionaire was repossessed by the bank recently after the place went into foreclosure -- but according to the rapper, it was all part of a calculated business decision. 

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TMZ has learned Chamillionaire lost the 7,583 sq. foot home -- which he picked up for roughly $2 million back in 2006 -- after failing to make several payments.

But, yesterday in New York we spoke with Chamillionaire -- real name Hakeem Seriki -- who told us he "decided to let that house go" because the real estate market had turned and the house had become a bad investment.

Chamillionaire also noted that he was never at the home because, "I was always on the road touring" adding, "I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at."

But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars."

116 COMMENTS

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1.

mjfan212    

thats right wish the best to him by the way hes not broke far from it

1414 days ago
2.

blackgirlwhiteguy    

He sounds like an idiot. No home but "still got all the cars." Stupid fool!

1414 days ago
3.

Whatever    

What a piece of trash. So he lets the bank eat it and in turn the economy suffers and this ass walks away with no consequences--and all his cars. Trash.

1414 days ago
4.

D    

Sounds somewhat stupid. Did he even try to sell it, or rent it out? That would have been better decisions if possible.

1414 days ago
5.

joeybagofdonuts    

I wonder who this "genius" voted for? I hope the bank reads his comments and goes after his cars and any other assets he has! What a ****head!!

1414 days ago
6.

blackgirlwhiteguy    

@joeybogofdonuts do you really think this clown is even registered to vote?!

1414 days ago
7.

Chuck    

Its all about big Rims, yeah right, dude is going broke.

1414 days ago
8.

Not how it works    

Jackass. He is still liable for the full unpaid mortgage amount.

1414 days ago
9.

DaTruth    

To these clown hip-hop artists, there is no need to buy the BIGGEST house you can find, because you will get tired of it, and it will become a burden to you. You do not need such a big house, save that money, earn a return on it and get something modest. Be reasonable and not ostentatious.

1414 days ago
10.

fortune cookie    

yeah....riiiight....



.... the bank ends up paying for it, but in the long run, it's the average consumer that will pay for it (i.e. bank fees, bank bailout with taxpayer's money)



I've spent the past agonizing couple of years, trying to keep up my mortgage payments after my layoff (of 12 years with my company), unemployment woes...but I've always made an effort not to FAIL.



1414 days ago
11.

Horndog    

Who?

1414 days ago
12.

trey    

good thing he still has the cars, guess thats where he will be living.

1414 days ago
13.

Tess    

Having your home foreclosed upon is a "business decision"? He thinks it's a well thought out and calculated approach to declining property values? He speaks of investments like his credit rating isn't an investment.



What an I.D.I.O.T.



1414 days ago
14.

Taylor Jacobs    

"I still got all the cars."



I watched/listened to the video three times and do not hear him say that above quote at all. Did you guys invent that quote for dramatic effect? If I'm wrong, someone please let me know at what point in the 1 minute, 40 second video, he says "I still got all the cars." Otherwise i'm calling BS...

1414 days ago
15.

kr    

Actually this is very common. A lot of times it's way cheaper to just get forclosed on. People don't realize that a mortgage is 100% interest rate. So for a 2 million dollar house he's actually paying 4 million. Then there's a huge penalty of like 35% if you pay off the house early. So yeah.. he probably only put 500k or most likely a lot less into it and then just let the house go to the bank, instead of attempting to sell it and all the fees for half of what he paid say 1 million to quick sell it.. yeah.. way cheaper and easier to just give it back to the bank and let them deal with it. It's actually a smart move and sometimes tends to have nothing to do with how rich you are. I see people do this all the time.

1414 days ago
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