112 Star On Brink Of Foreclosure From Bankruptcy Shock
Slim is on the verge of losing his townhouse because he’s only paid a fraction of his mortgage since he’s filed bankruptcy, Bossip can reveal.
Lawyers representing Slim’s creditor, the Statebridge Company, have asked a Georgia bankruptcy judge to let them foreclose the 40-year-old’s Stockbridge, Ga. home, because he’s paid just $1,568 in monthly mortgage payments in the last four months.
The lawyers argued that the the two-story, 3,220 square-foot house is losing value, and letting them foreclose ASAP would allow them to recoup as much money as they can. Slim bought the four-bedroom townhouse in 2001 for $298,500, but creditors believe it’s worth only $220,000 now.
A judge will decide whether 112’s lead singer will lose his townhouse when he’s due back in court next week.
Mortgage company lawyer Carolee Berasi said the broke singer owes them $261,025 and has barely paid his mortgage company since November. Slim’s bankruptcy filing still hasn’t been approved, according to court papers.
We’ve reached out to lawyers for both Slim and the Statebridge Company.
The tapped out star, real name Marvin Scandrick, filed for bankruptcy last summer, claiming he had nothing in his checking account and made only $3,500 in royalties last year. He listed his assets as 2005 Lexus GS worth $8,500, $2,000 in household items, $200 worth of clothing, a $250 pistol and a $50 watch, according to the July 10, 2014 filing. But he owes $272,000 on one mortgage, and $32,000 on another, as well as $2,500 in monthly child support payments towards his three teen sons and $3,200 to the IRS.
We’ve reached out to Slim for comment.
Slim brushed his money woes aside last week, when he reunited with 112 in New York City to perform at Diddy and Snoop Dogg’s “The Tip Off” concert at Madison Square Garden. The crooner, dressed like his bandmates in all white, was pitch perfect as he belted out “Cupid” and “Peaches and Cream.” The band was back at MSG the following night when they opened for Babyface.