Chamillionaire -- I Chose to Be Foreclosed On

@RH - I think you're the one who needs to do your homework before commenting on the subject. "Why keep burning money on something that will never regain it's value....happening alot in California." This house isn't in California, it's in The Woodlands just outside of Houston, TX. Texas, specifically Houston has one of the best real estate markets in the entire country right now - if you did your homework you would know this. I happen to live right around the corner from Chamillionaire's foreclosed house and I can assure you it wasn't worth "nothing" as he's claiming and it certainly wasn't worth less than what he paid for it. Why didn't he try and sell the house if he couldn't afford it? The bank sold the house in less than 14 days! http://search.har.com/engine/10-Hildene-Way-The-Woodlands-TX-77382_HAR42872242.htm

Bottom line is the house was foreclosed on because he didn't pay for it. He quit paying because he obviously doesn't have the money, not because the value of the house went down or it wouldn't have sold quickly. That story doesn't fly down here in Texas.

And just because "many people are doing the same" doesn't make it right or a good business decision to say the least.

What an ignorant Loser

Riiiiight... maybe that excuse flies if you don't know anything about real estate. But letting a home get foreclosed hurts your credit and does not let you out of your mortgage. He would have been FAR better off selling the house at a loss and paying the difference. You only let it go into foreclosure if you can't afford it any more.

Kinda' reminds me of your Gangtsa' President y-obama. Buying **** he can't afford.

Should have stayed in school boy now you are going to have a tough life ahead of you. Ask Gary Coleman....what to soon?

Chumpmillionaire in the near future I see your face being used as toilet paper buy the inmates in Cell Block B of the County Jail.

What a moron. I hope the bank goes after his other assets to offset their costs and home depreciation.

People like this make me sick. Karma is gonna get ya buddy!

The Credit score companies aren't even a federal institution their private companies. Trans-Union, Equifax and Experian are ALL private. Credit scores are so over valued and taken way to seriously,,,it's not hard to remove a foreclosure off your credit report. Seriously, people do some research. you believe everything you hear???

MANY PEOPLE DO THE EXACT SAME THING HE DID. IT HAPPENS MORE OFTEN THAN YOU THINK. IT'S CHEAPER TO LET A HOME GO INTO FORECLOSURE THAN TO DIG YOURSELF OUT. THE BANK WRITES IT OFF AS A "LOSS" ANYWAYS PLUS THEY STILL PROFIT FROM AUCTION. BANK WINS EVERY TIME. HE DID THE SMART THING...

The only way you get to "give your house back to the bank" is if you're essentially bankrupt. When you sign a mortgage, you're signing a contract to pay back a debt, whether the house goes up or down in value is irrelevant to that contract with the bank. The bank simply needs to go to court, show the contract to a Judge, get a judgment and sick a bill collector on his ass. Either he's worth millions, and the bank will eventually get paid or he's bankrupt and the bank won't bother trying to squeeze blood from a stone.

He didn't do himself any favors, by announcing on national TV, and to the bank and bill collectors, that he's still worth millions. But, I don't think he's they type that thinks that strategically.

Why's everyone trying to make this racial? Tons of white people let their houses get foreclosed. I saw a dateline special on it where people were just letting that happen because their houses just weren't worth it anymore. And anyone who listens to his music knows that he does care about his credit..and I quote.."I used to be in love with my money, now I'm in love with my credit.I buy the bar with them dollas, I buy the building with debit. "

Houston's housing market is not that bad. He's full of it.

ASS-CLOWN!!!! Nothing like stereotyping our race!!!!!

I don't know what the law is in Texas, but in a lot of states, they can sell the house and if it takes a loss, the bank can go after him for the difference. It was nice of him to let the bank know he has assets in case they want to pursue.

that's why the housing market is the way it is, stupid asses like him!!!!