R Kelley Home Going Into Foreclosure?

The R&B singer, R Kelley has been behind on his mortgage payments for his suburban Chicago home. Huffington Post reported that he hasn’t made a payment on the 11,140 square foot mansion in at least a year.

An unnamed source close to R Kelley told Crain’s of Chicago that he failed to make the mortgage payments in order to force the bank to renegotiate the terms of his mortgage. But it backfired.

Kelley purchased the mansion 11 years ago, but doesn’t currently reside there. The value of the home has plummeted 26 percent since 2009 when it was last appraised at $5.9 million. He faces costs far exceeding the value of the home. This is the plight of innumerable homeowners since the real-estate market crashed.

Kelley has other financial issues, as well. He is being sued by his former manager for breach of contract and fraud, linked to unpaid commissions.

Source