Fantasia Sells North Carolina Home Back to Bank
It has just been revealed to the public that former American Idol winner Fantasia just signed away her home to the bank, skipping foreclosure.
The Lose To Win singer transferred the deed to her North Carolina home in February, according to TMZ. Last year, she had placed it on the market for the asking price of $800,000. It was less than she had originally paid for the home. However, the substantial discount did not entice any buyers.
Fantasia originally purchased the mansion in 2007 for $1.3 million. It boasts 5-bedrooms in the 38,768 sq. ft. mansion in Charlotte. However, by 2008, she could no longer afford to make payments. Court papers showed that she defaulted on a $58,000 loan from a shadowy Florida corporation.
Broward Energy Management claimed they loaned Fantasia an undisclosed sum to pay back taxes she reportedly owed the IRS. However, she never paid back the money she borrowed.
At the time, the matter was described as a misunderstanding. Fantasia was successful in preventing her home from being placed on the auction block when she struck a deal with Broward Energy Management at the last minute.
In an interview with the Associated Press in 2010, she spoke on the legal matters surrounding her home.
"They put my home up for auction, which had to be the most embarrassing thing ever, because you have people now ringing your doorbell and wanting to come to the house and see it," she said.
She denied that her home was even in foreclosure or that money was an issue.
"I'm not the richest, but I've always been a hard worker ... and I thank God I'm still able to make ends meet," she said.
"It could have been a lot better for me though if I would have had better management and better accountants."
Fantasia said that she had learned not to be so trusting. She felt it led to her being taken advantage.
"The whole time most of them did not have my back," she said.
"They ended up not paying my taxes and I had to clean up all that stuff. I had to hustle and bustle and make sure that was taken care of."
