Crain's Chicago Business reported Tuesday that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court. The complaint states that Kelly hasn't made monthly mortgage payments since June of last year.
Crain's reports the Olympia Field home's appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million
The principal due is more than $2.9 million.
The R&B singer's spokesman, Allan Mayer, declined to comment about the foreclosure. But he tells The Associated Press that Kelly isn't in financial trouble.
Mayer says Kelly now lives in Chicago and that his recent tour and 2010 album, "Love Letter," were successful.
Source: yahoo
