theJasmineBRAND.com exclusively reports, Trick Daddy is close to being put out on the streets with the bank who owns his Florida home demanding the judge allow them to foreclosure on the property and kick the rapper out.
The rapper filed for bankruptcy last year, saying he had $430,420 in assets but a total of $644,613 in liabilities. Trick Daddy listed his assets as his Miramar, FL home, ZERO dollars in his bank accounts, $2,500 in household goods, $150 in wearing apparel, $400 in jewelry and 10k stock in his music publishing company Trick-N-Rick.
However, his liabilities include 280k on his first mortgage, $1,200 in home maintenance, $34,837 in back child support to one mother, another $22,282 in more late child support, 290k to the IRS in back taxes, $1,308 to DirecTV, over 3k in credit card debt, $500+ to a collection agency for an AT&T bill and various other unpaid debt.
The docs note he owes $57,119 in domestic support obligations and 290k in back taxes.
The bankruptcy was a tad confusing given the fact that Trick Daddy had assets that were close to the amount he owed in liabilities. However, it appears that the rapper may have filed for Chapter 13 bankruptcy to avoid being put out on the streets by the bank who owned his home.
According to court records in Florida, the rapper was slapped with a foreclosure lawsuit by Deutsche Bank National Trust Company on September 10th, only 8 days before he filed for bankruptcy.
The bank explained that Trick Daddy took out a mortgage with them back in 2002. However, he is accused of not making payments on the loan since January 2014. The bank demanded he pay the total amount due of $169,621.56 and he be ordered to vacate the property.
Due to the Chapter 13 filing all lawsuits against Trick Daddy are to be put on hold until the outcome of the bankruptcy, which normally takes months to years to wrap up. The bankruptcy allowed him to have a roof over his head in the meantime.
Then on December 23rd, the bankruptcy trustee demanded the case be dismissed and the rapper’s debt not be wiped clean by the court. He explained that the proposed re-payment plan doesn’t meet the requirements of the court. The trustee specifically took issue with the monthly payments the rapper wanted to make on his mortgage … explaining the $2,500 he wanted to pay monthly wasn’t enough to cover the 143k+ he was in arrears or the $2,663 he agreed to pay per month on his mortgage.
The bankruptcy was dismissed days later by the federal court judge.
Then on January 4th, JP Morgan Chase returned to court in Florida demanding the judge grant their motion for summary judgement and allow them to proceed with their case and foreclosure on Trick Daddy’s home.
They explain that the rapper failed to have any debt cleared in his Chapter 13 and they now want to continue on with the proceedings, so they can remove him from his home and sell off the property to pay off the debt Trick owes them.
The judge agreed with the bank and set a trial in the case for March 10th in Broward County, Florida. Trick Daddy has yet to respond in court to the foreclosure.