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HOMELESS??!! Fantasia GIVES UP Her McMansion, TURNS Million Dollar HOME Over To The BANK

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After failing to land a buyer, Fantasia reportedly turned her North Carolina mansion to her primary lender...the bank. Details inside....

 

It's a good thing Fantasia is crisscrossing around the country to promote her Side Effect Of You disc because its being reported that she DOES NOT have a home to return to.  Well....at least not the one we all saw on her hit VH1 reality show "Fantasia For Real".

Longtime Fanny fans may recall that she'd been have a hard time keeping up with her mortgage payments on her North Carolina home for many many years...and now she's finally thrown in the towel. 

After she avoided foreclosure (at the last minute) in 2009, she put the mini-mansion on the market for $800K, a figure $500K less than what she paid for it.  Still....there were no takers.

Now, recently disclosed court documents revealed that in February, Fantasia decided to skip the foreclosure process and simply turned over the keys to the bank.  On the bright side, all of the pain associated with that process was likely poured into her current hit single "Lose To Win" which has put her back on the charts.

Though Fantasia didn't walk away with a dime for the home she lived it for so many years, it looks like hit records are the side effects of foreclosure.

Luckily, we hear she has other propeties in her portfolio....for real.

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Comments

WANT YOUR OWN AVATAR? GET IT HERE.

Y'all wrong for that pic of

Y'all wrong for that pic of Fanny lol smh
memoirs.of.a.keisha's picture

People really need to sit

People really need to sit down and learn some things before purchasing a home..... especially one you can't afford to purchase. I have little sympathy for folks that live outside their means.
PinkyDaGoddess's picture

Simon Cowell bailed her out

Simon Cowell bailed her out once and gave her the $ to keep her from foreclosing before and she still lost it?! TF? Sad.
PacificGirl's picture

Get rid of the extra mouths

Get rid of the extra mouths to feed. If they're Not your kids and are contributing NADA but opinions, then the bottom feeders must go. SMH. Unable to understand these celebs who are blessed with opportunities to create wealth for generations Always phucking it up!♦¡ I'm rooting for you Fanny¡!
GetUrLife's picture

clearly we have different

clearly we have different definitions of homeless. could have just said she gave up her house. sheesh.
shuga's picture

Tasia will be ok. Just

Tasia will be ok. Just because you are rich, don't go buy multi-million dollar homes whose tax rates are probably higher than the mortgage. Buy a nice piece of land, build what you want and own it outright.
JewelryLover's picture

Amen!!!

Amen!!!
PinkyDaGoddess's picture

I wish Fantasia the best.

I wish Fantasia the best. It's been a rough couple years for her...
ellemarie's picture

YBF is so out of line to find

YBF is so out of line to find joy or folly in anyone going through a financial crisis. One word...karma.
Keys's picture

*humming....We FALL

*humming....We FALL Down........yea Its seems to already be working! *Sip sip
Like Really's picture

@jesus so ingnorant @skeewee

@jesus so ingnorant @skeewee lol its not just only miss management finances like we all do but trying to look out for family when we know better we do better she will do better next time i'm sure blessing to you fantasia GOD IS IN CHARGE..

So many experts. Im sure she

So many experts. Im sure she is doing what is best for her financial situation right now. Best of luck to her.
Realist's picture

first off, let me reassure

first off, let me reassure everyone that fanny is NOT homeless. this strategic alliance of turning over the keys to the bank was a calculated decision made by a financial adviser and fanny herself. in other words, fanny knew for several months that she had to be out of her home by a certain date. in return, the bank more than likely agreed that whatever the house eventually sells for fanny will not have to come out of her pocket and make up the difference. hopefully fanny, like millions of americans, learned some valuable lessons about the real cost of home ownership.
wildlife's picture

poor money management and

poor money management and poor choices...plan and simple. i'm not a fan of her music at all, but i'm sure she'll bounce back, especially with the new album getting pretty good reviews.
leighd33's picture

I'm sure she is still doing

I'm sure she is still doing ok. She's not living in a rowhouse in Baltimore, so she'll be ok. God has her in his hands for sure. Everything is not always what it seems and a person who comes from nothing will make far worst decisions with their money because they were never taught. She may have stumbled but she will keep it moving. #godblessfantasia
SkeeWee's picture

baltimore rowhouse. LOL!!

baltimore rowhouse. LOL!! btw, row houses in downtown baltimore cost a pretty penny this days.
wildlife's picture

LOL @ 'She's not living in a

LOL @ 'She's not living in a rowhouse in Baltimore.' Hahaaaaaaaaa

Okay to all of the people who

Okay to all of the people who are saying that Fantasia is just experiencing what everybody else did during the housing market...WRONG!! Now right is right and dumb is dumb. Let's do the math. Fantasia (as much as I love her) won a $1 Million Dollar contract from AI. She goes out and buys a $700 thousand dollar house. She is a victim of what many people who came from meager beginnings and wins the lottery or gets a large sum of money all of a sudden are victims of: Never having anything and not knowing how to manage it when they get it. People if you get $1 Million Dollars you don't spend 3/4 of it on your first purchase. H3ll in NC, she could've balled with a $300K house. A lot of people don't factor in: Maintenance, Insurance, Taxes, and Unexpected expenses when major fool's purchases. She is no different from some of these athletes that are broke within 10 years after making millions. Having said all that, the best way to learn something is through experience and I'm sure that Fantasia is learning plenty about how you can have it all and lose it all. Her last 2 CD's didn't sell and her touring has been B list at best. I hope that she makes a re-emergence with this latest CD. She at least seems to be on the right track image wise as an image consultant and/or stylish must've gotten a hold of her. Her voice is phenomenal hopefully she can rise to the occasion and meet the potential that she has in the music industry.
Puttintang's picture

The article states that she

The article states that she put the house on the market for $800k - $500k less than she paid for it. Therefore, she bought the house for $1.3 million. If she only made $1million from AI, she obviously didn't spend 3/4 of her money on the house! She had a mortgage that she could not keep up. The mortgage was probably huge and her income dried up. I agree with the rest of your assesment. That's why I believe that children should be taught about finances from a very young age. Especially in the black community. They are not going to teach it in public schools because society does not want everyone to be educated about such things. As parents we have to educate ourselves and teach our children. It's not just celebraties and lotto winners that make these mistakes, they are just making the same mistakes as your average working class people just on a grander scale. If we were taught to invest and create cashflow from those investments, we would not fall into these traps. Fantasia didn't forsee all of the problems she would encounter and she did not hire someone who could truly help her understand. Financial literacy is a must for celebraties as well as for the rest of us. I hope she HAS learned from her mistakes and will make better decisions going forward.
Burself's picture

No Boo-YOU are the one who

No Boo-YOU are the one who started off wrong by saying that other people haven't had Fantasia's same experience with the housing market. There would be no 'crisis' or 'recession' if these kinds of problems were limited to a select-few! No, a great many people in several industries; real estate and cars especially, have struggled ALOT in recent years. Now I do agree with alot of what you said about her poor spending habits the minute she won AI, but Fantasia--like other entertainers, has expenses, employees and unforseen circumstances that NONE of us know about. And then there's the time off due to illness, another pregnancy, unexpected drops in sales, etc. But Fantasia is NOT the only person to mismanager her money and/or have to downsize. People do it everyday.

Thanks for agreeing with me.

Thanks for agreeing with me.
Puttintang's picture

Well clearly she didn't spend

Well clearly she didn't spend $700k on here house or she would OWN IT! Give her a break, she made a bad financial decision, so what?! I'm sure your no Suze Ormon.
SkeeWee's picture

It's "you're" You're welcome!

It's "you're" You're welcome!
Puttintang's picture

Thank you, now get off the

Thank you, now get off the cross Jesus.
SkeeWee's picture

Fantasia is NO different from

Fantasia is NO different from average Americans. Families that make a collective $75,000 to $100,000 a year purchased $250,000+ houses because they were taught it was an investment. People all the time buy houses that are over 50% of their income. It was normal until the housing bubble bursts. Fantasia won American idol before the 2008 recession where she couldn't flip her house. Fantasia's experience is no different. I worked in the music business. Fantasia's cash cow was her touring and booking money. And sadly, even her American Idol per diems were going to her family. On top of that, she could have been abused by business management. It's much better to strategically default on a house or file bankruptcy, and start over with a clean slate (for upper class people who aren't dependent on credit scores). And if she purchased her property under incorporation, then it's not a direct hit. So, you don't know how her finances are stacked up. Fantasia had throat surgery, nervous break downs, family suing her, and other issues. It's no different from a middle class person going broke getting hit with ONE BIG MEDICAL BILL that's not covered by insurance. Let's not forget people like you who seem to hate blacks like her. HATE THE DONALD, NICOLAS CAGE, and all the other RICH WHITE CELEBS who had financial problems, and are recovering. YOUR UNFORGIVENESS, LACK OF COMPASSION, and UNDERSTANDING OF FINANCIAL COMPLEXITIES will keeps you judgmental. A blind person can see the parallels.
BealieveIt's picture

You sound so ignorant with

You sound so ignorant with the "people like you who hate blacks like her" foolishness. I hate it when someone tries to make a point by assuming that if you don't agree with something that you hate the person. Hopefully you will learn that as an adult you realize that a difference of opinion does not equate to hate. Now on to some of the semi-intelligent things you did say, I agree that people will spend more on a home than what their income allows as an investment, however I seriously doubt that this was Fantasia's motive in buying that house. I also agree with you that most people are 1 medical bill away from being broke and I agree that if you have wealth you're not as dependent on credit scores. I wouldn't classify Fantasia as wealthy. I'm sure she makes more thanthe average American but that does not wealth make. Lastly, I'm very confused by your "Unforgiveness, Lack of Compassion and Understanding" Statement. Forgiveness for what? Do you know me to know if I'm compassionate or not? Understanding what? I clearly said that "As much as I love her, She has an excellent voice, and I hope she reaches the potential that she has in the industry." You sound like an offended fan. Please stop confusing people's right to use their brain to formulate an opinion as a personal slight to you because you like someone.
Puttintang's picture

Damn. Are you on her payroll

Damn. Are you on her payroll boo? It's really NOT that serious. Relax. She's made a bunch of stupid decisions, this is yet another one. Hopefully she learns from it and will make better decisions in the future.
Mrs_B_35's picture

She needs to manage her money

She needs to manage her money better. She makes to much money 2 NOT be able 2 afford a 500K home. smh
sexe757's picture

There you go again trying to

There you go again trying to be somebody's financial advisor when you and all these 47% broke-lings haven't a clue. She still has more money than you.
BealieveIt's picture

She bought it for way more

She bought it for way more than that stupid! Mo money Mo problem! stupid

She bought it for way more

She bought it for way more than that stupid! Mo money Mo problem! stupid

This news about her house

This news about her house might've just gone public: so I'm sure Fannie has already obtained a smaller property and is probably trying to fly under the radar. SMH...kick her while she's down why don't cha? She's downsizing-like ALOT of people today: regular folks & celebs. Like others have said, one of the main problems in our society is materialism and overspending, live WELL beyond one's means and then blaming the economy for it. No. Now people are getting smarter about their future and planning LONG-TERM instead of buying nonsense. Keep ya head up Fantasia--and start diversifying & investing your $.

I wish these poor and middle

I wish these poor and middle class folks would stop trying to play de facto financial advisor when they know nothing about how rich folk manage their money. TWO WORDS: NICOLAS CAGE...now let's never criticize a black celeb who does a strategic default on a house or file bankruptcy to protect their assets. #HaveASeat
BealieveIt's picture

It's kinda messy using that

It's kinda messy using that photo for this story. That was such an incredible night for her.
Victoria007's picture

I completely agree! It never

I completely agree! It never ceases to amaze me to see how easy it is for folks to pass judgement on people who are going through issues that they may not be going through at that particular moment but they're probably catching hell in every other area in their so-called "perfect life".
Teri lyn's picture

Dang that sucks, I thought

Dang that sucks, I thought Simon paid that house off for her a year or 2 ago. You guys should checkout thegrandreport for other stories too
V's picture

Simon didn't help her in the

Simon didn't help her in the first situation. She renegotiated. Fantasia experienced what everyone else did during the mortgage crisis. She just held on to her property longer, and decided to strategically default. She should have dumped that house then, instead of trying to save face.
BealieveIt's picture

Fantasia just did a strategic

Fantasia just did a strategic default just like SO MANY OTHER MIDDLE AND UPPER CLASS people have done in the U.S. during and after the recession. And I say it's good because she may have held on to that house too long! This could be a prelude to bankruptcy. And if this happens, it doesn't mean she's broke, she's relieving debt. Depending on what's exempt or discharged, then she's renegotiating at a lower amount (Ch13) or going scott-free (Ch 7) to keep her cash like Toni did. Financially, she's in a better shape that ALL of you. Rich folk default and file bankruptcy to protect their assets all the time. It's the broke and clueless that make judgments and stay ignorant on how the 1% robs and leeches you blind. If you don't judge NICOLAS CAGE, the KING OF FRIVOLOUS SPENDING, don't ever judge a black celeb EVER over their finances.
BealieveIt's picture

Tasia, let me tell you

Tasia, let me tell you something. Quiting while you're ahead is not the same as quiting. I say "Bravo Zulu" to you for making this decision as I'm sure it would be a very hard decision for ANYONE OF US to make. In life, sometimes the only way to get it right, is to get wrong... Trial and error. It takes strength, courage, and wisdom to do what you have to do and do so in the public eye. As long as you're alive, every loss is a gain once the lesson has been learned. God bless you sister and keep claiming your victories (no matter how big or small).
Teri lyn's picture

I feel no sympathy for any

I feel no sympathy for any celebrity that loses their house, because it makes no sense.......and YBF, lol at yall for matching the above photo with the title. smhlol.....
Ms.Thangfromthe5thflr's picture

Yup...It's Time For Fanny To

Yup...It's Time For Fanny To Downsize, And Stop Allowing Her Family To Leach Of Her. Only Person She Should Be Concerned About Is Her And Her Kids...I Hope Antwan Is Paying Her Some Kinna Child Support. Um Sure He's Not. Smh.
Keyths'Girl's picture

all Fanny needs to do it get

all Fanny needs to do it get a smaller home. it makes no sense living above your means. i think she should get some endorsements and maybe another show. that way she could make some extra cash. i hope it all works it. the album is doing good.
caribbean_dream_girl's picture

You know what's funny is ALL

You know what's funny is ALL OF AMERICA lived above their means and fell victim to the biggest ponzi scheme in the housing crisis which deepened the recession! It had nothing to do with just just living above your means. Are you paying security, management, insurance up the wazoo as an artists, lawsuits, along with normal finances such as property taxes and more.
BealieveIt's picture

Actually it is called living

Actually it is called living above your means, because MANY purchased homes, BIG HOMES, with low interest ONLY mortgage payments for the first 5 or so years; mortgage payments were real low. At that 5 year mark those mortgage payments started skyrocketing, many paying double what they were use to, couldn't afford the home and lost it. They didn't READ their loan documents before signing them.
My Moniker Is...'s picture

Dam shame. why the fuck she

Dam shame. why the fuck she needs a million dollar house? you're a struggling rnb artist you don't make money like that . you don't have endorsement to make money on the side.You tour is on the chitlin circuit how did you expect to pay for this shit. live in your means. should have gotten a house half the price.
xedos's picture

If Fantasia is

If Fantasia is Homeless....Jesus will let her suck his dick for Rent Money #GoodDeeds
Jesus H. Christ's picture

Umm...Why do you continue to

Umm...Why do you continue to offer Certain People Your Nothingness, as though it was “The Bread of Life?”... And just in case you didn’t know it, not everyone is into “Hardcore Midget Sex”...
rebellious soul's picture

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