: MediaTakeOut.com just caught wind that Dr. Donda West's house was foreclosed upon yesterday. The foreclosing bank, Northern Bank & Trust, is claiming that Donda's estate owes them $606,983.43 in back payments and fees.
It's not clear whether the value of the home - and the remaining $150,000 in the estates accounts will be sufficient to satisfy the bank's claim. If not, MediaTakeOut.com has learned that Kanye may be responsible for any shortfall.
Whether his mind is on the condo or not is irrelevant. When someone dies and you have co-signatures, you're responsible. Kanye should've never allowed this to happen.
If he brought this condo out of love for his mother why didn't he sell it or pay it off? WTH is wrong with this generation? I don't care if you're wealthy or not.
MTO YALL NEED TO STOP LYING BECAUSE HE WOULD NOT BE FORCE TO PAY NO MONEY. WHEN A HOUSE FORECLOSED THE BANK JUST WANT WHAT IS OWED NOT WHAT IT'S WORTH U DUMMIES. THAT'S WHY U HAVE WHAT U CALL INVESTORS AT THOSE HEARINGS WITH MONEY AND MONEY ORDERS IN THEIR POCKETS. IF ITS HIS MAMA HOUSE(RIP) THEN HE HAVE NOTHING TO DO WITH IT SO STOP BEING DISRESPECTFUL TO SOMEONE LIKE SHE'S STILL LIVING AND HE'S NOT PAYING HER MORTGAGE.
WHY ARE YALL SAYING DAMN TO YE' I MEAN WHY SHOULD HE JUST THROW MONEY AWAY WHEN SHE'S NOT HERE NO MORE????? I MEAN HE'S NOT TRYING TO KEEP THE HOUSE HIS MOTHER HAD. AND SOMEONE SAID KEEP IT IN THE FAMILY, DUHHHH HE WAS THE ONLY CHILD SO WHAT FAMILY?????????? STOP BEING BLIND FOLLOWERS OF MTO AND STATE COMMENTS THAT REALLY MAKE SENSE.
A LOT OF U NEED TO STOP PLACING JUDGEMENT ON WHAT YE' SHOULD HAVE DONE. BECAUSE IF U DIED TODAY OR YOUR MOTHER YALL DON'T EVEN HAVE INSURANCE ON YOURSELF TO PAY FOR THE FUNERAL NOR THE HOUSE OR MONEY LEFT OVER TO TAKE CARE OF YOUR CHILDREN. I'M NOT JUST TALKIN IT'S A FACT. U SEE IT EVERYDAY IN THE BLACK COMMUNITY. WE BUY $200 JORDANS BUT WANT PAY $26 A MONTH FOR A $500K OR MILLION DOLLAR INSURANCE POLICY. SO IF YE DIDN'T WANT TO PAY OFF THE HOUSE THATS GOOD FOR HIM CUZ IF HE DID HE WOULDN'T HAVE GOT WHAT HE PAID FOR IT WHEN HE TRIED TO SELL IT IN TODAYS ECONOMY. AND A LOT OF U THAT'S SYDH LIVE IN A APARTMENT.
What are you guys talking about he should've just sold the house and how come he didn't just pay off the mortgage? You guys have no sense of money besides what's in our pocket, it seems like.
If he could just snap his fingers and sell the house I'm sure he would've. The economy is horrible right now, people just aren't making large purchases like they used to. And he was smart to keep a mortgage on the house, so he or his mother can deduct those interest payments on their taxes. Yes, Kanye has money but Mom wasn't broke either, she was a college professor, an author and whatever else. The loan was probably in her name.
Hmmm @ straightgansta. That is something to look into.
@ttiiaa77, I hear what you are saying but I think if Kanye had a large sum of money paying it off would have been nothing for him. I believe that he has money but not as much as we think. You know, money like Diddy, Jay-z, or even Nelly for that matter.
I don't know the circumstances surrounding the foreclosure on this property, however, judging by some of the immature and insane comments posted on here about allowing a deceased person's home to go into foreclosre, I can only conclude many of you have either never been home owners or had estates you needed to care for after a loved one's death.
I'm quite sure Mrs. West, on a Chicago professor's salary, did not purchase a CA condo herself. Kanye bought it for her. Why allow it to go into foreclosure just because she's deceased? It's real estate people. Sell or pay the thing off and then resell.
Most celebs have business managers who handle their finances anyway.
Foreclosure means he hasn't paid the mortgage for several months so it appears he couldn't afford this condo for his mother in the first place.
@ chantel Flag post The house is valued at 100k. Why would you pay over half a mill for it??? ------------ UMM I THINK U NEED TO GET OFF THE SIGHT AND GO STUDY CUZ THE HOUSE IS NOT WORTH JUST 100K. YOU NEED TO READ IT AGAIN AND IF U STILL DON'T UNDERSTAND WHAT MTO TRIED TO SAY THEN U DEF NEED TO GO STUDY.
MY HOUSE DAMN NEAR WORTH THAT AND I'M GOING TO PAY MY SHIIT OFF AFTER I MAKE A FEW FLIPS IN THIS CRUDE OIL BONDS SHIIIT. THEY FOOL U WITH THAT TAX BREAK BULLSHIT WITH YO INTEREST PAYMENTS. THEY SAY THAT BECAUSE THEY DONE MADE SO MUCH FUCCCKIN MONEY OFF YO INTEREST THAT WHAT'S GIVING A U A BREAK GOING TO DO....NOTHING. WHAT DO MOST OF U DO AT TAX TIME WHEN U GET THAT BREAK AND GET THAT MONEY.??????? GO WASTE IT ON SOME SHIIT. IN THIS DAY AND TIME IF YOU CAN PAY OFF YO HOUSE IT'S A GOOD THING TO DO THEN U HAVE THAT AMOUNT OF LINE OF CREDIT AT YOUR HANDS. IF THE HOUSE IS $100K-600K DOESN'T MATTER U HAVE THAT TO TAKE OUT ON YOUR HOME IF U NEED TO AS LONG AS U SMART AND GENERATING MONEY TO PAY THE INTEREST ONLY PAYMENTS. SO YE DID RIGHT LET THE BANK SALE THE HOUSE.
Trooper: Interest only payments?? That's why we are in this blunder of a recession right now, because of people being uniformed and sleazy brokers selling predatory loans.
Interest only loans leave you upside down, they are NOT the way to go. (says finance guru Suze Orman)
SUZE SAYS In today's economy, if you can't afford a fixed rate mortgage, an adjustable rate mortgage that has an initial fixed rate for 3-5 years can make sense. But only if you are paying both interest and principal on that ARM. Any other type of ARM that gives you a low rate for a shorter period, or let's you delay paying principal is too risky; if that's the only way you think you can “afford” a home then I am here to tell you that you can't afford to do it.
(taken from suzeorman dotcom for the interested folks)
@ ttiiaa77 Trooper: Interest only payments?? That's why we are in this blunder of a recession right now, because of people being uniformed and sleazy brokers selling predatory loans.
Interest only loans leave you upside down, they are NOT the way to go. (says finance guru Suze Orman)
----------- No we in this blunder because ppl that get the interest only take the extra money they saving and waste it. white ppl do it all the time, but they move every five years building up wealth in equity. See it's only the wrong way to go if u don't have a 700+ score and no plans to build wealth. Just like black ppl are scared to take equity out there homes and now they wish they did. cuz now u take it u going to get less then u would have a year ago. equity from your home is the best way to start a business then a business loan cuz the rate is cheaper and u get it back doing tax time. Believe me Suze is no GURU her shiit been provin wrong plenty of times. See she's a GURU cause she got ppl like yourself to buy into her stuff and books, tapes and now uno what?????? She's rich. Off selling information thats all over the internet.
Some of are stupid / ignorant... pick one.
When you die... your bills just don't disappear. Thats why you get insurance to pay off all your bills not just your burial expense.
Someone said, she doesn't need it. She's in heaven. - dumb comment
So anyway... how do the make a son responsilbe for her finances... like I said the bills do not die, they are passed on to the closest kin which is Kanye and he has to pay the bills.
Please talk to your parents and learn something about finances after death.
Kudos to TROOPER!
You are the only person who seems to "get it". Its obvious most here do not own property or know what's really going on in the real estate market.
Due to the economy being what it is right now, its not that easy to just up and sell property. None of us know the entire story, but I'm sure Kanye has done what he has for a very good reason!
One more thing... I purchased a foreclosed home and in 3 years my equity has tripled. If you really THINK for a minute, what he did makes perfectly good sense.
Again we don't know the complete details, but I'm willing to bet the house was in his mother's name. Kanye has no ties to the condo if his name is not on the deed! 100K is what is owed for back payments. Its not what the property is worth. If he pays it, he keeps paying the mortgage,he maintains the upkeep, he has to sell and pay closing costs etc...That would cause him to dish out more money for property no one is occupying. Let the bank deal with it!
There is enough information already there. I think what Kanye did was what he was forced to do. The value of the home is only $150,000, and the greedy banks were damanding a whooping $606,000! (most of which were socalled "late fees".) I am sure that had the banks been fair, he would have wanted to keep the home in the family as part of his family history for his children. The greed of the banks only added insult to injury since the man's mother was already deceased. What a shame!
How is this heartless????
Ok the woman is dead, but the taxes on the home still need to be paid. Are they supposed to automatically know she died? Kanye has to handle his business. People that are alive are loosing homes to forclosure, right now this is important. Who cares if Kanye hasn///'t paid the taxes on his momma///'s home. At least he has money.
MTO GET SOME BETTER CODES FOR THESE BOARDS!!!
my dad has a home that/'s supposed to be left to me and my sisters when he dies. he wants us to hold on to it, but i plan to sell it and not look back. hell, he/'ll be dead and i don/'t want the house. if kanye doesn/'t want the house, why should he pay it off for $600k and then sell it for $150k? i say it sounds like the man has good business sense. mto is acting like the brotha left his mother or some kids homeless. its just like having a car that you/'re paying on that needs major repairs. sometimes it just makes more sense to let the bank have it than to wrestle for it on principle.
@cobra...I agree. Why should he shell out money to keep it? she's not going live there, he didn't grow up in the house, shyt he has his own house. Give that shyt back to the bank. Take over the payments? and sell it, get real, for what? Give the shyt back to the bank. You people talkin' like she going to be homeless.
