Hard Times For Wyclef
Wyclef has a Miami Beach property that fell into foreclosure and is about to be auctioned off on the court house steps. Through a corporation he owns with friends, 'Clef borrowed $2 million from Home Equity Mortgage Corp. in 2004 and after a series of construction liens were filed against them, the financial burden became too much and now they on Rhymes With Snitch with they business in the street.
posted by That Bitch! at 10:30 AM
42 Comments:
i don't understand these people. is it that important to keep up appearances, if you can't afford it don't get into it.
first!
Now, what did Clef do with all his money?
He better trade in that lamborghini and that spider man motorcyle and get a ford focus and pay his bills!!
I am with you Jill whats wrong with one house. I manage pretty well.
Better sell some of those rides homeboy!
Thus explaining my argument that negros don't know how to handle the money...
It's hard times for everybody, y'all!
Damnnnnnn.. Ole boy shoulda been renting it out...
Damn! My niggas done crashed in the tour bus? What I's gone do without my Roots.
They my niggas coming from waaayy back...
"Monday they predict the Storm. Tuesday they predict the path. Wednesday they cover the crash. And I can see it's all downcast, but they got the nerve to hunt down my ass and treat me like a criminal..."
-The Roots
Should count his blessing least he not back in Haiti. Dont nobody want to go to Haiti.
Someone please call 911!!!
Niggas always fuck up the money... It never fails for a nigga to do something fucked up...
Nobody said wyclef was broke. It simply says one of his properties fell into foreclosure because of a series of contruction liens. This could just be wyclef giving up on the thing.
i don't think clef is "broke" but i don't think he's got major paper like he once did. i think this is karma for how he sold out lauryn hill to sell cd's. i'm still so mad at him for that. speaking of lauryn i guess i'll have to give up on a fugees reunion. hell, by the time they get back together to record and tour no one will care anymore.
Malika - by the time they get back together? Don't nobody give a damn NOW!
^lmao!
'nobody said wyclef is broke'
yeah right. who doesn't pay their bills if they have the money?
yeah right. who doesn't pay their bills if they have the money?
12:35 PM
I don't...
this is the reason why education is so priceless. if u r paying out more in expenases, than u r making in revenues, u r losing money and u r dumb.
yeah right. who doesn't pay their bills if they have the money?
12:35 PM
'I don't...'
so i take it your credit rating is piss poor.
Errbody trying to leave about their means.....
so i take it your credit rating is piss poor.
12:50 PM
Might be. I don't need good credit in The United States to by a nice house in my home country. Or car. I still get some decent amount of pussy as well here in the US even though my credit is bad.
good for you then, you're the exception to the rule cause you have pussy to console you.
but for the millions of us,you either pay your bills,build up your credit,or suffer the consequences. if you can't pay, it's cause your ass is broke.
Wyclef probably put a good down payment on that home. A house is a reputable investment, now that it's foreclosed on, he will never be able to sell it to double his profits or recoup his down payment. his ass is broke.
@Anon:Someone please call 911!!!
11:43 AM
LMAO....
1:31 PM
LOL Wyclef is far from broke. Most millionaires run into a few money problem. That's part of being rich. He'll be fine though. The man is set for life
He's probably not broke. Sounds like he just got himself into a bad financial deal. I'm sure he has some lyrics, beats, and tracks to fall back on. That should bring him some hefty pay days. If not he can go on Oprah Winfrey's show with Suze Orman for advice. Wyclef is a humanitarian. Oprah likes humanitarians. She can help him.
Lol @ Dat Bitch
Welcome to RHYMESWITHSNITCH, where niggaz who don't pay bills on time end up..
Niggaz is stupid...I would be renting my house out to studio's, producers, video's and flipping dat ish and making my dollars work! I don't know what is up with some of these damn cele-b-tards these days. They money get's tight and or held up in bad investments and they don't manage. I remember a few months back RWS posted Baby's house was up for foreclosure and Lil Wayne and Lil Kim's Bentley's were being reposessed.....I guess the recession is killing niggaz left and right these days...and it will only get worse. Hopefully when our President Elect is in, he will work hard to get ish straight again for the economy....SMDH!!!
all the fugees fucked up aint they?
All I know is dat as far as celebrity niggas go, this was THE YEAR OF THE UNPAID BILL.
for all you 'he aint broke' folks. he aint had a hit in a couple of years and he still been spending and living lavishly. holyfield, tyson dame dash blew through way more dough than wyclef dreamed of making
"after a series of construction liens were filed against them, the financial burden became too much and now they on Rhymes With Snitch with they business in the street."
^^^lol
^El Presidente' Elect is not helping anybody but himself and his cronies. If your last name isn't Obama or Clinton, or you do not have a direct connection to either name, forget about it. Please do not put too much "hope", faith, and trust into any politician. Democrats and Republicans are the same leopards with different spots. Don't be fooled by intellect and skin color.
These young, hip-hop jackanapes can't hustle like the oldschool dons that have been there, done that, and are still in the game during their AARP years (Donald Trump and Don King). They don't realize that as entertainers they only have so many "good years" where their earning potential and popularity peaks, then start to decline because it's easier to lose popularity than it is to gain it. They will need successful business ventures (other than real estate) and other skills (writing, producing, acting) to generate enough income to sustain them, or get a job working for The Man.
^^^Donald and The King have both been broke the chutzpah is to make that dough back by writing lyrics and such. I imagine Obama is getting the Clintons in because when George the I was in office he left the deficit in a shambles but not as bad as Jr. So you going by the the living example of what worked (Clinton not FDR or LBJ). Plus he probably feels he owes them. Wyclef did have a hit with Shakira. I think that was last year so he ain't dumb enough to not get some writing credit as many times as they played Hips don't Lie. Malika I am with you about the Lauren Hill, it was said he was sexist and didn't think she could make it without the Fugees. Imagine all his major hits have been with women except with Santana.(Mary J, Destiny Child and Shikira) Karma don't play.
He aint broke like you and me would consider broke, but the stacks definitely aint what they used to be.
Gotta say other than "Gone til November" I haven't liked any of his tracks or beats.
Bitch! Where you been? lol.
Never noticed how sexy Clef's lips were. I must've been blinded by those predator locks.
^^LOL @ predator locks. I thought it was just me who saw the resemblance.
@4:31 PM
Florida property isn't worth what it used to be. If you had a mortgage on a property worth a couple mill several years ago, chances are you're upside down - with FL home values slipping 30%-40% in some places.
Right now cash is king. There's little soft money financing, and less hard money financing for construction and housing.
So buyer's can't borrow, plus there's a housing glut in Florida property ain't selling like it used to. Can't sell? Can't borrow? Owe more than the investment is worth? you might have to step away from it and let it go before it drains your savings and you end up in foreclosure anyway.
Chances are that's what happened here - better do it now, because it is so commonplace now, Pretty soon you won't be able to walk away from the house.
I can just see the changes in the laws coming a mile away.
Most of these damned nicca's instead of investing for the long haul, they tie of their money in luxury cars, jewels, trying to buy a record label right out and tying their money up in bad investments and ish and then mortgage their homes, or even worse buy the homes cash, and forget that there are property taxes that commesurates with the value of the property, the estate workers and people, security and up keep that goes with the cost of living it up!!! SMDH!!! He needs to sell some of those damned cars he has...It is said that he has about 3 to 4 million dollars in cars alone!!! SMDH!!!
No one has learned from Master P, Ice Cube, Queen/Ling Latifah and Will Smith!! Say what you want about them being corny and ish, but they invested right and their pockets will always be deep!--ThatBKChick
It's funny how money (or lack thereof) changes situations.
L Boogie
Buy what you can afford. There is no need to ball if you can
t afford it. I like the grunge look personally, the Olsens are worth an insane amount of money but they don't bling bling flash flash all day every day.
10:57 saidHe aint broke like you and me would consider broke, but the stacks definitely aint what they used to be
If his red column add up to more than what's in his blk column, oh yes he is.
11:14 saidFlorida property isn't worth what it used to be. If you had a mortgage on a property worth a couple mill several years ago, chances are you're upside down - with FL home values slipping 30%-40% in some places.
Florida(Cali too) had too many people fliping homes in an attempt to become the next Donald Trump.
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