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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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Previous 15 Comments | 2 | 3 | 4 | 5 | 6 | 7 | 8
106.

brod77381    

C #106 - Not in Texas. When a home foreclosed in Texas, where this losers house is located, you are not liable for the difference. I know in many states you are liable for the difference however this is not the case in Texas.

1536 days ago
107.

C    

You people know nothing about money, He is broke or close to it, why not sell the house if your always on the road of dont want it, he cant make the payments and thats it, He still owes back taxes from two years ago, people with money and have there finances in order dont owe the IRS back taxes, HE IS STILL LIABLE FOR WHATEVER THE BANK DOSENT GET ON THE TOTAL LOAN OF THE HOUSE, THE BANK DONT CARE THEY ARE GOING TO AUCTION IF OFF FOR A LITTLE OF NOTHING AND COME AFTER HIM FOR THE REST

1536 days ago
108.

C    

That may be true, Maybe the next bank want give this loser another loan for a house, make all that money and spend it as soon as they get it.

1536 days ago
109.

Adam    

**** TMZ, chamil fully went live and told the real reason..**** this celeb gossip ****.. who really follows this

1536 days ago
110.

djb    

its funny how half of the people who are commenting on this topic are calling him stupid but if you think about he's is really being smart why keep a house that you have to pay for every month and you are not living there thats stupid and for Trey he's not going to being living in his car are you stupid he is obviously still has money if he is newyork getting ready to go lunch so it seems like to me he still doing good im pretty sure he wouldnt lie about that

1530 days ago
111.

Elizabeth    

irresponsible trash

1508 days ago
112.

WebGuy    

Check out these people, http://www.beforeclosed.com. This adds a whole new meaning to airing your dirty laundry in public. ...

1499 days ago
113.

ecdub    

YALL are retarded. How is Chamillionaire going broke? Why don't yall read this and learn something. ""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.-kr"" He put it in plain english. Yall are always right there to talk **** about people when you don't even know the facts. Grow up, get a life. Instead of sitting around on the computer waiting for some celebrity to be on the news so yall can talk ****. Yall are annoying, why do you think he's still doing good? 'Cause he has haters like yall to keep him going. What would you do if you were in his situation? Pay the extra millions of dollars just so people won't hear about your house being foreclosed? If he cared about what yall thought I'm sure he'd have paid it. If he didn't do what he did then yall be calling him an idiot for paying all that money. Either way you would talk BS. @ blackgirlwhiteguy , you're a freakin' dumbass. He was born in washington d.c. Just because his parents are *****ian and named him Hakeem doesn't mean he can't vote. Like I said, get a ****in' life. And hop off all these celebritie's nuts. And last, @ fortune cookie, maybe if you wern't on the computer all day gossiping about celebs. you could get a ****in' job dumbass.

1478 days ago
114.

J.Hawkins    

What up Chamillionaire,

Im looking at my watch,
Voo Doo like a muther****er representing Koopa and CMB.

1444 days ago
115.

J'Wall    

all yall hoes get off dis mane case. yall aint livin in da house so shut da **** up, yall sound like some dumb hoes. he a celebrity, let Cham live hiz life

1406 days ago
116.

davidwardsullins    

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1348 days ago
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