Chamillionaire’s Houston Mansion Goes Into Foreclosure … By Choice

ChamillionaireApparently, rapper Chamillionaire recently foreclosed on one of his Houston properties, which was repossessed by the bank.

However, the Houston rapper isn’t experience money problems. He tells TMZ that it was part of a calculated business plan.

Chamillionaire says the 7,583 sq. foot mansion, which he purchased in 2006, just wasn’t worth the hefty monthly mortgage payment … so, he stopped making payments.

“I have multiple mortgages — some for me, some for other people. This house was actually my most expensive mortgage,” the rapper told TMZ. “I decided to let that house go because the house ended up being worth nothing. When the market went down, the house went down too. It was just worth nothing. I paid close to $2 million for the house, and I decided to let it go, give it back to the bank.”

Cham said he was never at the home, due to his constant touring schedule, so being the business man that he is, he let it go into foreclosure rather than keep making payments.

Chamillionaire made it clear that he is far from broke though. Belie dat…

On his Twitter page (@Chamillionaire), on Thursday (June 3), the rapper hinted at the purchase of a new mansion. “I”m guessing TMZ left out the part about the new mansion. That’s cool though,” Cham wrote.

  1. Smart busniess move when it comes to money that chamillionaire could not afford paying the house.Good Job Partner

  2. Normally, I’d call BS on this…but given than Cham has proven to be smarter than the average rapper, I’m actually gonna buy into this being more of a business move on his part.

  3. Fellas, I can’t agree with you guys on this one. Foreclosure is good in any fashion. I’m sure could have did something different, but probably acted in haste.

  4. straight goods.. Cham is a smart dude… i totally by this. he’s a straight hustler man… he is one of the richest rap artists in the game.. probably the richest in Texas.. check up on the forbes lists, he is always on the grind.

  5. Not really that wasnt a smart move. He is talking about the real estate value right now. 5 or 10 years from now the market for that same house might double. Every smart biz person known the market goes through cycles. Something is up with yo boys pockets.

  6. To the comment by D. obviosuly the market goes through cycles that doesnt mean you should tie up your equity in something that you know is still depreciating in value. Once the market is at it’s low im sure he will be buying properties left and right. And i doubt anything is up with his pockets. You gotta takes losses here and there to make $. plz believeeeee dat…

  7. real talk..everybody that said foreclosure is smart dont know anything about morgages and the bank. Foreclosure is NEVER good business.If he was REALLY rich..wouldnt need the bank to finance 2 million in the first place. plus there are companies that buy forclosed homes..he couldve did that..but nobody gives back to the bank..unless..they cant pay the bank..Im not hatin at all, Chams aight..but it is what it is.

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