Bank of America filed legal documents saying that the rapper-turned-actor stopped making monthly mortgage payments in March. The suit claimed that Common and his manager, Derek Dudley, who co-owns the property, owed $345,389.52.
Since the property was an investment, it's likely that Common wasn't even aware of the problem until the lawsuit was filed.
In an emailed statement to the Chicago Sun-Times, Common's PR rep denied that a foreclosure was taking place.
"The Chicago property is not being foreclosed on," the rep said. "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."
Though it looks as if Common may avoid the worst, other celebrities haven't been so lucky. Click through the gallery below to see celebrities who not only have been threatened with foreclosure lawsuits, but have lost multimillion dollar properties.
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