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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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31.

C1D601A1    

They see me rollin...they hatin...patrollin...they tryna catch me ridin dirty

1420 days ago
32.

dd    

Aaron wake up and smell the coffee what does race have to do with the housing problems in this country today. All races are having a hard time.

1420 days ago
33.

electriczipper    

13. 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.



Posted at 9:53 AM on Jun 3, 2010 by fortune cookie



good luck and keep trying,,

1420 days ago
34.

electriczipper    

18. 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.



Posted at 9:59 AM on Jun 3, 2010 by kr



what in the hell are you talking about,and who is your banker...some bloke in south africa

1420 days ago
35.

JustMe    

What a punk.

1420 days ago
36.

Ernie    

Ya right this guy is a piece of **** a nobody rapper and he's broke. Since he's broke he can't make the payment and the bank put's the brick on his house whose this clown fool'n. He says he's not broke but still has all his cars, he'll be living in one of them. When the repo man comes and give him a notice to vacate now not in 30 days. Hey Chamillion you'll be doing your rappen gig at the local homeless shelter. Happy rappen

1420 days ago
37.

Sammie    

Well, that's certainly real responsible. It's one thing if you have been out of work for over a year, your wife lost her job, etc., but to willingly choose to stop making payments because it's a "financial" decision is bs. A contract is a contract. Hope the bank can sue him since he's out there flapping his jaws about what a snake he is. Wouldn't that be way too cool?

1420 days ago
38.

At    

A lot of people are doing this right now. Stop paying your mortgage even though you can afford it. You can be in your house for a year or more free of rent or mortgage payments. Just walk away and mail the bank the keys.

1420 days ago
39.

lawntamersinc    

Never heard of him. Gave up a house for a bunch of vehicles when all you need is ONE vehicle. What a dumb ass.

1420 days ago
40.

Mike    

And evn with all that...he's got 2 white chicks for every car.

1420 days ago
41.

Jippy     

What did they say his real name is Hakeem Seriki Obama ? An this is the reason our housing market is **it and we the people are paying for it.

1420 days ago
42.

RH    

Actually it is a good business decision. Many people are doing the same. Why keep burning money on something that will never regain it's value....happening alot in California. Renting it wouldn't work on that type of property. Gotta watch out for your own money. The banks sure aren't looking out for you. I believe he has plenty of $$$. He received good business advice. Do your homework before you start commenting on the subject.

1420 days ago
43.

RH    

http://www.cbsnews.com/stories/2010/05/06/60...minutes/main6466484.shtml



1420 days ago
44.

R.Zimmerman    

They all think I'm white and nerdy...

1420 days ago
45.

Solaera    

@.18 Just give it back to the bank and let them deal with it? Are you serious? WTF has happened to ethics and responsiblity in this country? I live in Cali and my once beautiful neighborhood has been decimated by foreclosures. Many of my neighbors have admittedly walked away from their mortgages to get out from underneath their own bad decisions and they feel perfectly justified in sticking the bank with their bad investment. It simply floors me because these people CAN afford their mortgage they're just pissed because they were upside down on their loans because when the market was hot they borrowed too much money on their inflated homes and spent it on boats, RVs, ATVs, Harleys and fancy cars. So the market crashes and they just decide eff it, I've had my fun, let someone else take the hit. Sure it is cheaper to walk away from your obligations but it doesn't make it right.



S***bags like you and that gd rapper are what are ruining our country.



1420 days ago
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