Where's Jay-Z when you need him? Rocafella Records co-founder Damon Dash is in danger of losing two of his New York apartments after failing to make his $78,500-a-month mortgage payment, which covers both properties.

According to reports, Dash hasn't made a payment since January and foreclosure proceedings have officially begun. It looks as though the hip-hop mogul and his wife, fashion designer Rachel Roy, owe Eastern Savings Bank approximately $7.3 million, but the bad news doesn't stop there. Dash reportedly owes $95,000 in unpaid rent to the owner of the office space for Damon Dash Enterprises, more than $2 million in New York state taxes and $100,000 to the federal government.

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