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Common

Facing Foreclosure

on Chicago Apartment

7/23/2012 3:30 AM PDT BY TMZ STAFF
EXCLUSIVE

0723_common_tmzMortgage payments are allegedly an uncommon practice for rapper Common ... who is now in danger of having his Chicago apartment foreclosed on because he allegedly hasn't paid his mortgage since March.

According to legal docs,Common (real name Lonnie Lynn) and his manager, Derek Dudley, got a mortgage for a condo back in 2008. But Bank of America claims ... beginning in March, the duo stopped making the monthly, $2,285 mortgage payments. 

So now BOA is getting tough, filing foreclosure docs. The Bank wants to sell the property, and recoup the amount of the mortgage, plus interest and penalties, which total $345,389 ... and 52 cents.

update_bar
Common's rep tells TMZ the two sides have reached an agreement ... explaining, “The Chicago property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact.”

24 COMMENTS

No Avatar
1.

just my opinion    

doesnt seem like a cut and dry story....common is actually pretty successful and i dont see him being unable to pay 2k a month on a mortgage....i see an explanation coming soon.

770 days ago
2.

sue    

He is an actor on "Hell On Wheels" he should have a lot of money. Something wrong !!

770 days ago
3.

Birdsht    

Worst actor in the history of the art. His character in Hell On Wheels almost if not ruins the show. Its unreal that someone could get a recurring role on a tv series when they cant act.

769 days ago
4.

JugEars McKenyan Sr..    

"Common"... yea he's just another common street thug who has millions and still steals like a groid....

769 days ago
5.

laffnbear    

aNOTHER SELF-ENTITLED FOOL. Must believe he can milk others for support. Either that or he thinks this is what the real "rappers" do.A job would make things easier.

769 days ago
6.

Sea Urchin    

Common can just ask his gangsta buddy 0bama to hook him up with some of that taxpayer money thang.

769 days ago
7.

janet    

who?

769 days ago
8.

Sinjin    

This is the loser who was invited to the White House. Obama's administration is loaded with no talent thugs and crooks. His friends are the same.

769 days ago
9.

angie    

im surprised by this ,i thought common was making pretty good money ,he is a good rapper

769 days ago
10.

billy    

Who?

769 days ago
11.

pam    

I can not help myself from laughing or crying.... people who work there way up or sometimes infact most times it is more about luck.Plenty of people can sing, plenty are good looking and many can be funny or act, so the arrows point to who you know when you get there or just luck or both.Okay now you have some serious money, why do you loose it? why don't people know they have to pay bills on that million..$ home? why do they believe the water never dries up? and for the love of all that matters, why not get a good accountant? one who will tell you what you can not do or keep long term, when you have enough to buy something and keep it, many people do, and that is why they still have the money God bestowed upon them, no not blessed, we are all blessed, wealthy people will have to answer to God as to why they thought they needed all that money, and why they did not help those that were not so lucky. Oh, look at all the wealthy people who manage to hold onto there money, they do there homework and find someone honest to handle it. How embarrassing to get so much money and a few years later it is gone, on drinking, and you know the rest.

769 days ago
12.

Carl    

I thought he was one of the smarter rappers... guess not.

769 days ago
13.

MyTmar    

Common doesn't seem the type to go for all the bling & fancy ish...wonder what's going on....???!!!

769 days ago
14.

jabby    

Should have stayed with Serena Williams, at least his bills would have been paid.

769 days ago
15.

Jane    

lol Common is a millionaire.....let gets real this is just a business maneuver. read the update.

769 days ago
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