07/23/2012 04:41 pm ET Updated Jul 24, 2012

Common Condo Foreclosure: Bank Says Rapper Behind On Payments For Chicago Unit, Rep Denies Report

Rapper-turned-actor Common may have a lucrative entertainment career, but that doesn't put him above a problem plaguing homeowners across Chicago.

Celebrity gossip blog cites legal documents indicating that Common (real name: Lonnie Lynn) is facing foreclosure on the Chicago condo he mortgaged in 2008. Bank of America claims that Common, who co-signed the mortgage with his manager Derek Dudley, stopped making monthly $2,285 mortgage payments in March.

The bank is threatening to sell the property, located at 100 E. 14th St., to recoup $345,389.52 in failed payments, plus interest and penalties, the Chicago Sun-Times reports.

A publicist representing Common told the Sun-Times that "the property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact."

One year ago this month, RealtyTrac inventory data analysis found that Chicago had the nation's largest inventory of foreclosed homes. Dozens of empty properties have sat, vacant, across the city, and in high-crime neighborhoods, residents say they welcome gang activity.

Just this week, Chicago aldermen are preparing to introduce an ordinance that would allow renters in foreclosed buildings to stay in their homes after banks have taken ownership, WBEZ reports. Previously, even responsible tenants would be evicted along with building owners, regardless of their payment histories.