Jim Jones is well past his “Ballin‘” days, but those Love & Hip Hop and Chrissy & Mr. Jones checks should have been enough to pay down a mortgage, right?
It’s unknown how much royalties from VH1 reality show reruns pay out, but if a recent foreclosure auction is any indication, we would have to assume the answer to be: Not much.
U.S. National Bank Association recently foreclosed on Jones’ and Chrissy Lampkin‘s New Jersey home for none payment. From The Grio:
Jones and Lampkin bought the five-bedroom, three-bathroom New Jersey mansion back in 2006 and had taken out a $680,00 mortgage on the house with a 6.8 percent interest rate, which left them to pay $4,467 a month on the house. Unfortunately, the couple were not able to keep up the payments and the The U.S. National Bank Association sued the couple in 2017.
6.8% interest rate? Oof! What does that credit score look like my guy?
It is further reported that the home was sold at auction for a mere pittance of $100!! (It was sold back to the bank, so the $100 sale price was probably just procedural.)
After fees and interest, the $680,000 mortgage debt had ballooned to $1,240,017. While the terms of their mortgage included language that asserted “the entire amount would be due,” if the couple defaulted on payments, the bank did give Jones and Lampkin the opportunity to catch up, entering into an agreement with the couple that would have kept the home out of foreclosure, but that was unsuccessful. The couple had been in arrears since 2010.
According to Zillow.com, the home could fetch around $742,000 on the open market.