Rapper Chamillionaire Lets Bank Foreclose On House Rather Than Pay Mortgage

When you decide to go with a hip-hop moniker like Chamillionaire, it’s probably not the best PR move to let one of your houses go into foreclosure. But, says the rapper, it wasn’t because he was having money problems. Instead, he handed the manse back to the bank because he just didn’t feel like paying the mortgage on a house he never lived in.

Chamillionaire purchased the 7,583 sq-ft. Houston home for around $2 million in 2006. Now he tells TMZ that the house “isn’t worth anything” but that it was still his most expensive mortgage.

Explained Chamillionaire when cornered by TMZ’s camera on a NYC street:

So I just decided to make a business decision, to let it go, give it back to the bank. I just didn’t feel like it was a good business investment to keep paying that much mortgage for a house that I’m never at.

But lest you think the rapper is in dire financial straits, he says all is fine: “When I’m a Cha-thousandaire, then you’ll have a real story.”

Chamillionaire — I Chose to Be Foreclosed On [TMZ via NY Mag]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.