Home Videos Photos

Chamillionaire Claims Foreclosure Was A Business Decision

| Filed under: Z List

wenn1730128.jpg

Riiiiight.

Chamillionaire had his Houston mansion repossessed by the bank after it went into foreclosure, but the rapper claims it was a calculated business decision.

He bought the 7,583 sq. foot home in 2006 for $2 million, but failed to make several payments.

The rapper said that he "decided to let that house go" because the real estate market had turned, leaving the house as a bad investment. Chamillionare also noted that he was never at the home.

"I was always on the road touring," he said. "I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at. I still got all the cars."

It could just be us, but wouldn't it have been a better business decision to sell and not eff up your credit for all eternity?!

[Image via WENN.]

Tags: ,

Email this  »
Best Bodies Of 2014
Tim Burton & Helena Bonham Carter Through The Years!
Christmas Movies That Are NOT Safe For The Whole Family!
23 Of Louis Tomlinson's Sassiest Moments!
Celebrities Who Have Given AMAZING Gifts!
Kardashian Kristmas Kards Over The Years

14 comments to “Chamillionaire Claims Foreclosure Was A Business Decision”



  1. 1

    why sell it for a loss? it doesn't fuck up your credit for eternity… unless you consider 7 years an eternity.



  2. 2

    Is it me or does it seem like a lot of Hiphop stars and R&B stars seem to fail with managing money all the time? These people are gonna be broke when they're 60 when they should be living like kings. Vanity will definitely eat your wallet up. And why would you fail to make payments? That's stupid. His logic is dumb. He should have be smart and SOLD the house.



  3. 3

    wait until the bank sues him for a deficiency balance on the loans then scoops the cars to satisfy the debt assuming there is any equity in the cars. some people are smooth operators and others are just dumb mother f…



  4. 4

    ghetto ass nukka! LOL Since when did not paying your bills become a smart biz move?!?!?!?! oh well, can take the rapper out the hood but you can't take the hood out of the rapper..



  5. 5

    If he was "underwater" and owed more on the house than what he could sell it for, his only options were to either arrange a short sell or let it go. A whole lot of homeowners in the US are underwater. Sometimes the only option is to just let the bank take it. Of course, this guy may have been living far beyond his means…rappers are famous for it!



  6. 6

    Here is the funny part. Chamille has been making music for a looong time! he is the under ground/ mix tape KING!!! for you all who don't know him and PAUL WAUL made (great) music together. he is from COLOR CHANGING CLICK (clique) anywho my point is HE GOT $ he is the MESIAH!!!!



  7. 7

    People buying your CD's were a bad shopping decision!



  8. 8

    Who?



  9. 9

    Re: miss construed
    Unless he provided written collateral, his cars will not be going anywhere other than craigslist for his next meal.
    .
    The fact is, rappers are notorious for 'having money' and being a solid foundation for investible income. I highly doubt any collateral was needed; considering how steep the competition would be to get 'him' in their vault, they probably provided him luxuries as well (1% interest a year).
    .
    Remember, for a bank, he is a surplus of investing capital AND don't forget how many people are sitting with (-) balance, or are



  10. 10

    hey Perez: Look at the pic: "separated at birth""…this guy and Rosie Perez



  11. 11

    touring huh?
    what, just for a one hit wonder??
    not even.



  12. 12

    cause he lying. he's a one hit wonder. good thing it wasa big hit. but he broke and he cant afford that house anymore simple as that. keep it real



  13. 13

    ok, an eternity? You can file backruptcy and its only on your credit for 10 years. Geez, don't comment on somthing you have no clue about Perez! Also, credit isn't everything, it' not going to ruin your life. live and learn.



  14. 14

    @ FLORA_TINK YOU GUYS ARE DUMB FUCK! HE'S NOT A ONE HIT WONDER, HE HAS BEEN MAKING MIXTAPES SINCE GOD KNOWS WHEN,…COLOR CHANING CLICK….SIWISHA HOUSE…UGK…ABN….DSR..IT'S CALLED TEXAS MUSIC YOU ALL DON'T KNOW SHIT ABOUT MUSIC UNLESS IT'S ON THE RADIO…AND YES CHAMILLIONAIR HAS BEEN TOURING FOR YEARS WITH TEXAS STARS, SO DNT COMMENT IF YOU ONLY KNOW COMMERICIAL MUSICRe: flora_tink – BTW FLORA TINK YOUR PICTURE IS UUUUUUUUUUUUGLY UR NOT HOT, PROBABLY WHY YOU WONT SHOW YOUR FACE WHITE GIRL STAY TO YOUR JUSTIN BEIBER MUSIC