“The Chicago property is not being foreclosed on,” a representative said in a statement to the Chicago Suntimes. “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.”
Previously, Bank of America had filed suit against the MC, born Lonnie Lynn, and his manager Dereck Dudley for failing to make monthly payments on his South Side condo since March. According to documents, Common reportedly owes $345,000.
Common first purchased the condo for $402,000 in June of 2008. The two-bedroom, two-bath condo was put on the market for rent two years ago for $2500 per month. —Keith Murphy, CBS Local