Jim Jones reportedly lost one of his homes, and it was sold back to the bank for dirt cheap.
Apparently his five-bedroom, three-bathroom home has been a small burden for over a decade. In 2006 the Harlem rapper took out a $680,000 mortgage for the crib, and agreed to make monthly payments of $4,467, with a 6.875 percent interest rate. However, he stopped making payments in 2010 and was sued as a result by the U.S. National Bank Association, as per Bossip.
The outlet reports that he agreed to settle the debt with the bank last year, but that never happened and the crib was sold back to the bank for a cool buck.
The home is valued for $742,000, but Jim Jones still has to pay the $1,240,017 balance.
The veteran rapper made headlines last week after Tekashi 6ix9ine testified that he was a member of the Nine Trey Bloods and referred to him as a retired rapper. Additionally, audio surfaced of him telling fellow Blood, Mel Murda, that the Brooklyn rapper has to get violated for trying to publicly distance himself from Treyway.
