Jim Jones’ House Foreclosed, Sold Back to Bank for $100: Report
Jim Jones reportedly lost one of his homes to foreclosure, and it sold for dirt cheap on the auction block.
The Fair Lawn, N.J. home has been an issue for the Harlem rapper for a while. He took out a $680,000 mortgage for the home in 2006 and agreed to make monthly payments of $4,467, with a 6.875 percent interest rate. However, Jones stopped making payments on the house in 2010. In 2017, the U.S. National Bank Association sued Capo, which led to him having to make an agreement with the bank to settle the debt last year, according to documents obtained by Bossip.
According to the celebrity news site, the agreement was not met and a judge put the rapper in default. The home was reportedly sold back to the bank in a Sheriff’s Sale earlier this year for the low price of $100.
Though the five-bedroom, three-bathroom home is now valued at $742,000, Jones is reportedly still on the hook for $1,240,017. That total includes interest, real estate taxes, advances and homeowners insurance, according to documents obtained by the site.
Jim Jones made the headlines last week after his name was brought up during 6ix9ine's testimony in the trial of Anthony "Harv" Ellison and Aljermiah "Nuke" Mack, when Tekashi named the Dipset rapper as a member of the Nine Trey Gangsta Bloods. Later on in the trial, audio was played of Jones talking to other gang members on how to handle 6ix9ine. Jones has yet to address the situation directly on social media.
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