*Be glad you’re not Keith Sweat.
The singer’s got some foreclosure issues to that he’s got to deal with, says TMZ.
Here’s the deal: Even after the bank took his house and sold it, he’s still on the hook for $250,000 — this according to a new lawsuit.
PMI Mortgage filed the lawsuit against Sweat in Georgia — claiming the singer defaulted on a $450,000 mortgage on his Detroit home, which he purchased in 2004.
Problem is — the house was drowning underwater … so when the bank sold it, it only recouped $200,000 … a fraction of its losses.
PMI Mortgage sued Sweat for the balance — $253,000 — and since Keith failed to respond, a judge ruled in PMI’s favor. PMI has since sought a lien on Keith’s Georgia property in a last ditch effort to get its money.
Calls to Mr. Sweat were not returned.
Starting next year, anyone foreclosed on will owe the feds money. I see a lot of fools who have been trying to hold on to property they can’t afford for years putting off foreclosure getting screwed when they file taxes in 2014. The slow up in foreclosures is so a whole lot of people can get the smack down put on them next year. Folks better start asking somebody!