Last week The Boombox reported that rapper Chamillionaire foreclosed on his Houston mansion after realizing it was a bad investment, but this week he's come clean revealing there's more to the story. During a broadcast on Ustream on June 9, Cham admitted that his mother's cancer diagnosis and the birth of his son Xavier were circumstances that led to foreclosing on the home.

With family and people who depend on him, Chamillionaire says that worrying about how people perceive him in public is no comparison to being responsible with his finances. "My mother has cancer and she was looking at my house and my lifestyle and was afraid to come to me about money for medical bills," he said. "And I'm like don't do that. Whatever bills you have come to me about it. I had to ask myself was keeping a house that was not worth all the money I'd been paying on it worth more than my mother or my son? So that's the decision I made. I gotta make sure I make good moves."

Following his interview with TMZ last week regarding foreclosing on his Houston mansion numerous reports surfaced online that Cham was broke, but he says his situation is just the opposite. "Me and Universal have a 50/50 deal. I make what they make. My last album 'Ultimate Victory' wasn't as successful as my debut album but I made money because I paid everything out of my own pocket and went back to Universal and got reimbursed for that. I kept the cost low."

Although Chamillionaire says he's not broke another alleged financial woe surfaced this week adding more fuel to the fire. According to another media outlet, Cham owes the IRS more than $184,000 in federal income taxes from 2007. His publicist Nancy Byron has since responded to the IRS allegation saying, "That is old news and it's all cleared up. Chamillionaire owes Uncle Sam zilch."

Watch Chamillionaire speak about his mother having cancer after the jump.