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R. Kelly faces foreclosure on Olympia fields home

This is a discussion on R. Kelly faces foreclosure on Olympia fields home within the R. Kelly News & Announcements forums, part of the R. Kelly Discussion category; Ok, I did my research and I learned that it's common for rich people to purposely stop paying their mortgages ...

  1. #21
    Veteran Member Citizen K's Avatar
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    Ok, I did my research and I learned that it's common for rich people to purposely stop paying their mortgages when the value of their homes drop. So basically Kellz was paying more for the mortgage than than the value of the home so he was most likely advised by his financial advisers to stop paying.

    Here are a few good articles on the matter:
    ROI: When It's OK to Walk Away From Your Home - WSJ.com

    Some Wealthy People Choose Strategic Default on Mortgages | West Palm Beach Chapter 7 Bankruptcy Attorney Blog

    I hope it's finally penetrated the public consciousness that it's perfectly acceptable to make cold-hearted morality free financial decisions when dealing with actors that are making cold-hearted morality free financial decisions. For too long we've heard bleatings from the press painting walking away as some sort of moral and ethical issue, placing ethical obligations on people that aren't put on businesses in similar situations. If it makes financial sense for you, walk away.
    Eschaton: On Walking Away

    Trump was asked by Greta what he would do about people who were under water on their mortgages. Now while the only way to solve this is for the economy to rebound and for homevalues to shoot back up, Trump went all "Art of the Deal" on us and gave the following advice:

    "You stop paying that mortgage and go negotiate a new mortgage because the banks... they don't want to see that house empty."

    Now you don't have to be Rick Santelli on the floor of the Chicago Mercantile Exchange to understand the absolute nuclear bomb that would set off in our entire economy. Remember, the tea party movement had it's genesis in Santelli's rant about Obama's plan to more or less order banks to accept such a deal.

    What is amazing here is that Trump is a real estate mogul, and yet gave this answer. It seems to me that such a piece of advice is perhaps valid if one owns a 500 million dollar hotel or casino and is in trouble - and has the bank over a barrel - but to suggest that Americans do that wholesale on a standard home mortgage is stunning.
    Archived Blog: Trump tells Greta: Stop Paying Your Mortgage

    He made a SMART decision so it baffles me that there are several news sites and blogs around the world (Yes, around the world) reporting this as news. Especially, when the articles paint him as this hopeless battered man with several legal woes that can't afford to pay his home. Rob isn't stupid. He deliberately stopped paying so this whole foreclosure deal isn't news worthy at all. Anyone with sense would know that foreclosure =/= poor. For some reason people read foreclosure and automatically assume things they have know knowledge about it. If only they put their Google browser to good use and did research or better yet learn how to exercise their reading skills instead of hypnotizing themselves to the media's BS.

    Once again, the haters lose.

    Last edited by Citizen K; 07-12-2011 at 10:41 PM.

  2. #22
    R&B Thug
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    ^^dead at that gif! And yes ur right...I didn't knw much about foreclosures until I took up a finance class and b4 hand I thought of ppl being broke when houses went into foreclosure...its all about educating yourself on stuff like this...but the thing is if this happened 2 any other artist, it would blow over but because its kellz, it will b blown out of proportion....sad....

  3. #23
    my brain is tired KARMA's Avatar
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    people make me sick with their lack of reading comprehension skills...dude isn't broke...he intentionally quit paying on his damn house...he has the right to do just that...hell i did it 7 years ago..just quit paying my mortgage and walked the fucked away because i wanted to move to cali...
    Psychopaths have a Hidden Content and grossly inflated view of their own Hidden Content and importance, a truly astounding egocentricity and sense of entitlement, and see themselves as the center of the universe, justified in living according to their own rules.

    Psychopaths show a stunning lack of concern for the effects their actions have on others, no matter how devastating these might be. They may appear completely forthright about the matter, calmly stating that they have no sense of guilt, are not sorry for the ensuing pain, and that there is no reason now to be concerned.

    Many of the characteristics displayed by psychopaths are closely associated with a profound lack of empathy and inability to construct a mental and emotional "facsimile" of another person.

    Psychopaths seem to suffer a kind of emotional poverty that limits the range and depth of their feelings. At times they appear to be cold and unemotional while nevertheless being prone to dramatic, shallow, and short-lived displays of feeling.
    Obligations and commitments mean nothing to psychopaths.

    But here is the crux: Psychopaths don't feel they have psychological or emotional problems, and they see no reason to change their behavior to conform with societal standards they do not agree with.







  4. #24
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    Yeah seriously blown out of proportion. Heck I even saw R Kelly on the front page of the Sydney Morning Herald website. That's gotta be the first time in years. Then again I'm pretty sure strategic default isn't allowed here so it seems like a bigger deal than it actually is.

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    Quote Originally Posted by Kizzy View Post
    people make me sick with their lack of reading comprehension skills...dude isn't broke...he intentionally quit paying on his damn house...he has the right to do just that...hell i did it 7 years ago..just quit paying my mortgage and walked the fucked away because i wanted to move to cali...
    Exactly...ppl r slow...like I said b4 Prince has had a few homes in foreclosure because he didn't feel like paying it..

  6. #26
    Diehard, loyalist w/o ? smile4me's Avatar
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    I HOPE he clears this up for ALL these hating ass ppl/tabloids/media sources reporting this. I hope he say "I couldve paid for this home 10 times over" then laughs lol. I went on the R. Kelly search on Twitter & EVERYBODY & they ugly momma reporting this saying "can Kells crash at your place til he gets on his feet" or "a mansion aint free you know" to "when the checks stop coming in...". absolutely amazing how many ppl are seriously uneducated. i'm sure ppl that dont own a home at that.

  7. #27
    Senior Member bettyen's Avatar
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    Evidently, people are not grasping the whole situation. If you STOP paying mortgage payments for a year and you're still living in the style you're accustomed to,YOU DON'T WANT THE DAMN HOUSE or YOU KNOW IF THEY FORECLOSE, SOMEONE CAN BUY IT FOR YOU CHEAPER. If it were anybody else, this would not be news....just like Michael Jackson, every thing this man does, he is CRUCIFIED. I doubt if he's worried about being HOMELESS. If he is, he can live with me!!!!!!!!!!!!!

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    Moderator 12PLR's Avatar
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    Quote Originally Posted by smile4me View Post
    I HOPE he clears this up for ALL these hating ass ppl/tabloids/media sources reporting this. I hope he say "I couldve paid for this home 10 times over" then laughs lol
    The problem with coming out & saying that is if the mortgage company got wind of the comment then they could take him to court for even more money ... the point is he wants the mortgage company to take him to court & settle the finance agreement either most probably by a one off payment or a smaller monthly amount

    I would expect R Kelly to go out about his personal business like he always has ... he cant control what other people say or do or tweet or report ... what he can do is stay quiet like he does on most things personal in his life ... I dont see that changing irrespective of how many radio DJ's or tweets are jumping on the Slate R Kelly bandwagon
    [B][I][SIZE=4][COLOR=#ff0000][/COLOR][/SIZE][/I][/B]

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    Diehard, loyalist w/o ? smile4me's Avatar
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    absolutely right. I didnt or expect him to respond because thats not him cause he could care less what ppl think. just wishful thinking had he just said something like that with a BOOM POW!, karate chop to the throat, did a sing about it on top with a bitchesssssssss at the end LOL

  10. #30
    Veteran Member laadiva's Avatar
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    lol we been knew the address for years at least I did. Unfortunately nothing is a secret anymore.
    [B][FONT=Comic Sans MS][SIZE=6]Ladiva[/SIZE][/FONT][/B]

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