TheJasmineBRAND.com reports that Jones is in danger of losing her Virginia home as the bank that owns the residence is demanding the court to allow it to foreclose on the property. The reason for the foreclosure stems from Jones’ refusal to pay her mortgage.
The bank took steps against the entertainer by filing court documents in the case on Monday (Dec. 22). The bank’s case, as detailed in the documents involves Jones taking out a $215,000 loan with them in 2006 to purchase her Palmyra, Va. property.
As of this month, the bank says Jones owes $208,025.13 on the note, which continues to grow with interest. Despite filing for bankruptcy, the bank says Jones was to continue making her mortgage payments on the note at $2,052 a month. Jones is reportedly accused of missing her October and November payments.
Court documents reveal the singer filed for Chapter 7 bankruptcy on Dec. 18th in Virginia Federal Court. According to Jones, she has $298,900 in debt and only $172,000 in assets. The documents further note that Jones has $50 in her checking acct. as well as $4,030.00 in household items, $200 in clothes and a 2008 Toyota Scion worth $9,000.
Jones’ debts reportedly include $212,000 on her Virginia home, $32,000 in a judgment against her won by a private school and $2,000 in Virginia State taxes. Other debts amount to $800 in unpaid telephone bills, $17,000 owed to her attorney, over $1,000 in medical bills and $22,000 in California State taxes, in addition to $440 to T-Mobile and $539 to Victoria’s Secret, not to mention other money due to creditors.
As for the type of money she brings in nowadays, the documents note that Jones gets nothing from her music royalties. The only income she collects comes from rental properties, which net her $3,473 a month. Monthly expenses total $4,110. As a result, Jones is in the hole $636 a month.
The way it looks now is Jones is in default on her mortgage, the bank says as it demands the court to allow it to foreclose on the vocalist’s property in light of the nonpayments and the fact that the home is currently worth only an estimated $158,000 at this time.
At this time, a decision has yet to be made on the bank’s motion by a judge in regards to the case. The judge has yet to make a decision on the bank’s motion. To see the court documents for the case, click here.