T-Pain is probably most well-known for his musical prowess, but music fans might be surprised to learn that the rapper recently lost his Florida home. Home foreclosure can happen to anyone, but there are steps that homeowners can take to stop or prevent the process altogether. However, individuals must be proactive in their approach.
In 2007, T-Pain used an $85,800 mortgage to purchase a modest Florida home. However, the bank that holds that mortgage claims that the rapper stopped making payments in July 2016. In 2017 the bank sued T-Pain, citing an owed debt of $83,061.86, which includes what was left on the mortgage as well as interest.
The lawsuit recently went to court, but T-Pain did not make an appearance. A default judgement was granted in Sept. 2018. With that judgment, T-Pain was ordered to pay $117,158.22. If he does not or cannot pay in total by Oct. 29, 2018, the home will go to auction and be sold off to the highest bidder.
Home foreclosure is sometimes depicted as something that only happens to the most financially destitute individuals. Those who have lost their jobs, experienced a sudden drop in income or gone through some other type of financial disaster are certainly at risk for losing their homes, but so are other people who are simply trying to go through life, dealing with debts as they come. Foreclosure does not mean that these individuals have to lose their homes, though. Working with the mortgage company for a modified loan or declaring bankruptcy can help Florida homeowners stay in their houses.