Damon Dash's foreclosure.. was it a rumor?

[C khid]

Hip-hop mogul Damon Dash is facing foreclosure on his luxury New York homes. Eastern Savings Bank has filed a suit against the Roc-A-Fella Records co-founder, accusing him of falling behind on payments on his two TriBeCa properties. Dash reportedly took out a $7.3 million mortgage on the two homes, but the bank has now filed a foreclosure action against the star, charging him with failing to deliver the $78,500-a-month payments since January, according to New York gossip column Page Six. It is not the first time Dash has faced a financial crisis -- last year he was accused of owing the New York tax department $2 million in back charges.

I'm lost........................what kind of mortgage requires $78,500?

you can get a $200k loan with good credit for what..about $1100-1200 per month if you search right?

how the freak his mortgage $78,500 for a $7.3 million dollar home?

They don't give you 30 year options at that stage or something?

[Keep Em Broke]

damn i thought this dude was on top of his game but it seems its been down hill since he lost out in the roc-a-fella deal.. kinda feel bad for him.

[C khid]

that mortgage payment sounds like somethig youd have to be drunk to pull

does not sound broke to me.. sounds like an idea he's just letting go of

when you have certain amouonts of money . credit DOES NOT matter

Like a joke Jamie Foxx once said "Credit is for people who DISCOVER they don't have cash"

[Lex C.]

Originally Posted by Manny Fresh - 10 Wayz Two! When the money start comin', keep sellin' Don't buy nothin' special unless you got good credit

[Stink_Pink]

That sounds right. If a payment is 100K/month x 30 years is only 3 mil.

That comment about 1100-1200/mo on 200K is kinda iffy no matter how good ya credit is. Might be possible but I bet it wouldn't include taxes, insurance, and all those other fees to avoid petty bills throughout the year. When you factor that in it will jump to at least 1500/mo.

Sounds like he did not factor his taxes...bump that. Thats what caused some people to lose their homes. City taxes can run about 12K year depending on area that has to be split into 2 lump sum payments.

[C khid]

. well i'm speaking on economy now too i guess

i didn't reallly factor in timing and location.

But if he did research he should haeve known about a few government programs unless they don't allow that to everybody

[Talkofthatown]

:?

wow

it sucks for him and pro keds dropped him aswell

[Keep Em Broke]

what govt progams?

[Stink_Pink]

Originally Posted by Keep Em Broke what govt progams?

First time homebuyers- I think its FHA loans
HUD
NEEMIAH- requires seller to factor in buyers closing cost and down payment into selling price. People trying to sell properties ASAP usually go for it but people not pressed to sell will not.

[C khid]

FHA = a great one for me

but yeah, SP summed that up

there's one other program.... but my boy said it was kinda joke b/c he met every qualification and dude blew him off