Common faces foreclosure on Chicago condo
BY DAVID ROEDER email@example.com July 23, 2012 10:00AM
Common faces a foreclosure suit involving a Chicago condo. AP photo
Updated: August 25, 2012 6:07AM
The rapper Common now has something in common with many other Americans — he’s a defendant in a foreclosure suit.
Bank of America has filed suit against the Chicago-born artist and his manager, accusing them of failing to make monthly payments since March on a Near South Side condo. The suit said they owe $345,389.52.
The suit names Common by his real name, Lonnie Lynn, and manager Derek Dudley. The condo is at 100 E. 14th St. in a building known as 1400 Museum Park.
A publicist for Common said in an emailed statement, “The Chicago property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact.”
Records show Lynn and Dudley paid $402,000 for the condo in June 2008 and financed the deal with a mortgage of $361,511.
Two years ago, Common listed the two-bedroom, two-bath condo for rent, asking $2,500 per month.
The rapper and actor is one of the Sun-Times’ rotating celebrity columnists on the Daily Splash page. His most recent column appeared in Monday’s paper.