Chamillionaire Forecloses on Houston Mansion
Chamillionaire has become the latest rapper to experience the effects of the recession. The Houston native says he decided to foreclose on his 7,583 square foot mansion he purchased in 2006 for $2 million dollars after realizing the home was a bad investment.
In an impromptu interview with TMZ, Chamillionaire born Hakeem Seriki explained that the house became worth nothing after the real estate market went bad so he decided to let it go.
"I bought a house in Houston. I have multiple mortgages some for me some for other people. This house actually was my most expensive mortgage and I decided to let that house go because the house ended up being worth nothing. When the market went down the house went down did too and it was worth nothing," he said.
"I paid like close to $2 million dollars for that house and I decided to just let it go, give it back to the bank. It wasn't a situation where they came and it took it from me. I felt like I didn't want to pay that much money a month for a house that I'm was never at. I was never at the house I was always on the road touring."
After foreclosing on a $2 million dollar home, Chamillionaire says he's doing ok and that he has no financial problems. "I'm still Chamillionaire, when I'm Chathousandire y'all will have a real story," he added.
Watch Chamillionaire talk about foreclosing on his home after the jump.