Foreclosures have become all too common in America -- just ask Common, who's on the verge of losing the Chicago condo he purchased in 2008, TMZ reports.

The Windy City MC has apparently not made a monthly $2,285 mortgage payment since March, leaving Bank of America with no choice but to file foreclosure documents.

According to the gossip site, the bank wants to sell the condo for $345,389.52 -- an amount that would cover both the original mortgage and penalties and interest.

Reps for the "Ghetto Dreams" rhymer have yet to respond.

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