Nas' album might be titled Life Is Good, but his reported financial situation is not looking that way.

According to TMZ, the "Cherry Wine" singer just lost his Georgia home to foreclosure. Official records state that Nas purchased the 3,500 square foot two-bedroom, three-bath house in 2004 for $585,000.

But SunTrust Bank allege that Nas defaulted on the payments, and still owes $507,000 on the property. TMZ states that the bank foreclosed on the property and sold it to the highest bidder at a public auction last month for $348,500.

The rapper from Queens, N.Y., has yet to comment.

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