Chamillionaire -- I Chose to Be Foreclosed On

[Quickerblade]

Chamillionaire -- I Chose to Be Foreclosed On

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. 


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

[Purple Aki]

But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars

Yeah, fuck the house, keep the massively depreciating assets instead.

[James Blunt]

He fell off the face of the earth after ''Ridin Dirty''

[phreak]

He fell off the face of the earth after ''Ridin Dirty''

If only he'd hit something hard on the way down.

[Quickerblade]

He never to though to rent the mansion out, he thinks the car will actually go up in value.

[io856]

When a famous bodybuilder wears a posing trunk it appreciates in value considerably. Does the same apply to a rapper and his ride?

[OneManGang]

He never to though to rent the mansion out, he thinks the car will actually go up in value.

He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.

[G_Thang]

He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.

them north american negros sure dont.



50 loves his grape juice vit h2o n white women.  FWiggs n O'Tre approved   

[balight]

He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.

lol

[io856]

them north american negros sure dont.



50 loves his grape juice vit h2o n white women.  FWiggs n O'Tre approved   

Who is his agent? A white man?

[Whiskey]

Yeah, fuck the house, keep the massively depreciating assets instead.

Exactly, Sooty would have been better getting rid off the cars, rent out the house if only
to cover the mortgage repayments and wait for the property market to eventually turn around

[Tre]

Exactly, Sooty would have been better getting rid off the cars, rent out the house if only
to cover the mortgage repayments and wait for the property market to eventually turn around

Um, do you know what the mortgage is on a $2 million home?  Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes. 

How many people in Houston have the ability to pay $12,500 in rent? 

them north american negros sure dont.



50 loves his grape juice vit h2o n white women.  FWiggs n O'Tre approved   

Love me some Carrie Underwood.  Not sure why, but a few years back, my kiddo thought Carrie was my girlfriend. lol

[phreak]

Um, do you know what the mortgage is on a $2 million home?  Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes. 

How many people in Houston have the ability to pay $12,500 in rent? 

Well, obviously not this poster boy for free dental care.

[The Showstoppa]

All gold teef, jolly ranchers and orange drank.

[Whiskey]

Um, do you know what the mortgage is on a $2 million home?  Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes. 

How many people in Houston have the ability to pay $12,500 in rent? 

Love me some Carrie Underwood.  Not sure why, but a few years back, my kiddo thought Carrie was my girlfriend. lol

What about the value of "all his cars" the sale of those would surely make a big dent on the mortgage thus reducing his payments.Also He should easily be able to pump a couple hundred more grand into it as he said "im always on the road touring" in other words making money.

Or maybe a better idea would be to give the house back to the bank thereby losing his deposit plus all the mortgage payments he made since 2006 and
instead hold on to his cars that are worth less and less every year.That makes great business sense.

regards

[Parker]

Maybe the reason why he was or is always on th road touring is because he has no money...one of the main reasons why James Brown was still touring. Record Companies are known parasites that take all the lifeblood out of a artist, especially ones that aren't smart. Remember how the Locks were crying on Hot97 about Puffy locking them up in a record deal and saying that they couldn't get out of it or wer not getting money, Puffy was on the air and he ended up giving them money, buy he is shrewd businessman. These other yahoos don't know how to work the game like working a ho on the track.

[Tre]

What about the value of "all his cars" the sale of those would surely make a big dent on the mortgage thus reducing his payments.Also He should easily be able to pump a couple hundred more grand into it as he said "im always on the road touring" in other words making money.

Or maybe a better idea would be to give the house back to the bank thereby losing his deposit plus all the mortgage payments he made since 2006 and
instead hold on to his cars that are worth less and less every year.That makes great business sense.

regards

He bought an overpriced home that he couldn't afford. 

People who don't understand money think "Oh, I'm taking home $25K a month, so I can afford a $12K a month mortgage".  He doesn't realize that, while he has the ability to make the next payment and even the one after that, he cannot afford the next 30 years of payments...or even 7-8  years, unless he were a superstar. 

But people don't like to admit being poor (or poorer than they used to be), especially when they've built an image based on appearances, so that's why he's playing the 'I chose not to pay it' card.   

[Whiskey]

He bought an overpriced home that he couldn't afford. 

People who don't understand money think "Oh, I'm taking home $25K a month, so I can afford a $12K a month mortgage".  He doesn't realize that, while he has the ability to make the next payment and even the one after that, he cannot afford the next 30 years of payments...or even 7-8  years, unless he were a superstar. 

But people don't like to admit being poor (or poorer than they used to be), especially when they've built an image based on appearances, so that's why he's playing the 'I chose not to pay it' card.   

Good point, gotta keep up appearances for the public, wonder what kind of cars he owns or does he even own them

[Parker]

Good point, gotta keep up appearances for the public, wonder what kind of cars he owns or does he even own them

Producer Scott Storch blew 30 mil on blow. And he was buying cars (A Bentley) for Lil Kim, and the repo man came and took it away...Scott couldn't pay for it. I think his Mclaren Mercedes SLR and Bugatti Veyron were also repoed as well.

[Wiggs]

Who is that beautiful white angel with 50?

[HTexan]

 
the only thing he chose was Chapter 11 Bankruptcy instead of chapter 7.

[jwb]

tre,

does rent typically cover the entire mortgage on a house in the states?

[HTexan]

tre,

does rent typically cover the entire mortgage on a house in the states?

paying rent and paying a mortgage or different things.

[jwb]

paying rent and paying a mortgage or different things.

no shit sherlock... the question was is the rent from a tenant typically enough to cover an entire mortgage payment for the owner of a house or does the owner typically have to kick in more to make the entire payment?

where I live it the rents don't even come close to covering the owner's mortgage payments.

[HTexan]

no shit sherlock... the question was is the rent from a tenant typically enough to cover an entire mortgage payment for the owner of a house or does the owner typically have to kick in more to make the entire payment?

where I live it the rents don't even come close to covering the owner's mortgage payments.

duh, the owner would charged atleast enough to pay the mortgage.