R. Kelly’s Mansion in Foreclosure + Peep Why He Hasn’t Paid Since 2010

The Chicago Real Estate Daily claims that Robert Kelly (stage name R.Kelly) hasn’t made a payment on his Chicago mansion since June of 2010. The $2.9 million Olympia Fields mansion, like most homes, has decreased in value.The property went from $5.2 million in 2009 to $3.8 million, which means it’s basically upside down–he owes more than what the property is worth. Allegedly, because of this, Kelly stopped making payments in hopes that the bank would modify the loan…but they didn’t. Short sale, anyone? Source

Realtors, was that a dumb ass strategy or could this still work?