Rap Queen Bee Lil' Kim may be forced to downscale her residence soon, as reports that she is on the verge of losing her New Jersey mansion to foreclosure have begun to surface. According to court documents HSBC bank is requesting full possession of the home along with legal costs and damages, as the Brooklyn native is reported to have defaulted on payments dating back to 2009. Failure to resolve the matter will lead to the Bergen County home being auctioned off at a sheriff's sale.
The 41-year-old Kimberly Jones bought the Alpine property for $2.2 million back in 2002, agreeing to pay nearly $10,000 a month on the $1.6 million mortgage. But she was sued by HSBC in 2010 after missing a series of payments. The parties met but failed to reach an agreement during negotiations this past March. Kim has apparently been in financial straights for some time, as news of her $100,000 debt to the IRS came to light in December of 2014. She is scheduled to reconvene with HSBC reps for a June court date.
It looks to be a somewhat active summer for Bad Boy's First Lady, as plans are in motion for her to link back up with Diddy and the clique at the Bad Boy Family Reunion concert in Brooklyn this coming weekend (March 20 and 21). The show comes on the heels of her recent Lil Kim Season mixtape release, and in a best case scenario can perhaps provide momentum for a come back. Egress from her upscale pad would signify her leaving the company of such neighbors as Chris Rock, Tracy Morgan, Fabulous, and Jay-Z.
Source: bossip.com
