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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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91.

Leslie    

No responsibility, no effort to take responsibility and a "I will just walk away and let someone else take care of it" attitude. Just like I keep telling everyone...this new CHANGE government is going to make my children irresponsible and we will have a new breed of deadbeats coming down the pike as we teach to take, not earn. CHANGE, CHANGE, CHANGE...when is THAT going to happen?

1497 days ago
92.

BIG CORE    

He never mentions anything about cars in the Video above, so where did that come from?

1496 days ago
93.

BIG CORE    

I didn't hear him saying anything about CARS but I did hear him say he has "Mortgages" for himself and other people. He said he had a smaller property that he'll live in. Typical of people to hear/see what the media is selling vs. what the person is saying!

1496 days ago
94.

Spencer    

I also never heard the quote were he said he still had all his cars. Chamillionaire is actually a really inteligent man and I'm sure this was actually for a good reason. He was featured on Fox Business Channel and the host later tweeted "Chamillionaire is the most business savy person I have ever met." Also, he is far from broke. Check Forbes, he is one of the wealthiest rappers around with an average yearly income of like 10 million.

1495 days ago
95.

luke martin    

Hey.. If he was in your shoes he'd probably hate on you too :) quit hatin and get a life

1494 days ago
96.

phishnin    

People with his kind of money will not ever have to worry about a credit rating. People who comment on this tripe do. Me included. I would never take financial advice from anyone on a comment board on TMZ.

1494 days ago
97.

ak32    

You people are morons...
To start off those "cars" are his car shop that he OWNS... People start rumors like "He's broke, lost his shop, etc"
if he said he 'still has his cars' he's refuring to his car shop...



Also i read in an article he has 3 houses across the US, which is why he didnt care about this one since he was never at it.. pretty sure hes not "homeless" given that he's still making millions

1494 days ago
98.

lamont    

Just to every negative person who has said something stupid or out their ass, first, this dude is know where broke. He is still an indepent artist, besides being on a major record label. For the people who are slow, that means the music he puts out he gets 100% of it back, he still making money off of mixtapes and he has a successful car shop. Chamillionaire is a businessman, dude is smart and if you took the time to listen to the him then yall hatin asses would know that. I know most people hate on him cause he from the south, but that **** isn't new. I respect him as a business man first then as a rapper..................Stop hatin and stop taking your anger about your life on people.

1494 days ago
99.

smart decision    

so he has more than one house, and chose to let this one go because he would never be able to recoup its total cost. meanwhile, the cash from that mortgage can be used to pay down/off his other property or properties. that's actually pretty smart.



FYI: texas may be an anti-deficiency state, meaning that if he sold the house, the bank actually CAN'T sue him. and even if it isn't, you are usually only liable for the *difference* between what you owe and what the house sells for at auction or bank-owned sale.

1493 days ago
100.

gramercy808    

this ridiculous story has 100 posts, wow, more than his real fan base, i mean come on, this guy can't even rap. seriously.



this isn't a race thing is it really? didn't white america vote in a black president who is in bed with wall street and these draconian "banks"? stop with the ebonics and stop pulling the race card. that's like saying the bank was prejudice when they gave this guy the loan, it's getting tired and i know it's been something to lean on in the past because white america doesn't really know what it's like to be constantly discriminated against. can anyone say that's still going on?

1493 days ago
101.

Gerry    

Lol you guys are crazy if you think this dude is going broke go check out all his mixtapes hell he has a new album coming out in like a month. lol

1493 days ago
102.

Anon    

That's rediculous, ******s can't invest!

1492 days ago
103.

chris    

The fact that this is even a story is stupid. The only losers here, are Tmz and the people that left serious comments. Hakim is only human and most likely whoever his financial advisers are, Helped him make such a decision. Chamillionaire in general is actually a very intelligent business man. Making most of his money on his own, Without his major label. Tmz rarely has facts and exaggerates the persons problems, for special interest.

1491 days ago
104.

Espey    

Wow everyone who is saying he is going broke obviously doesn't know what he is. An entrepreneur... He owns many businesses and is running his own record label... Y'all are the dumb asses

1491 days ago
105.

C    

Really, Really, stupid when the bank sells the house he is still liable for what the the difference that he owes, you cant just walk away from a home loan, if he owes 2million and the bank only gets 1million guess who they are coming after for the other 1million

1485 days ago
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