Wyclef Jean Home In Foreclosure

The home foreclosure crisis isn’t just hitting hard with the low to middle class.  We recently reported on Fantasia’s home taking a hit and now former Fugees member Wyclef Jean has failed to pay the mortgage on his unfinished Miami Beach mansion, resulting in the loss of his home.

Jean took out a $2 million mortgage from Home Equity Mortgage Corp. in 2004 to purchase the estate through a corporation he owns with several friends, reports The Palm Beach Post.

Although the rapper/producer set out to renovate the canal-front property, the foreclosed home, which was appraised at $1.4 million, was left unfinished for more than two years as a series of construction liens were filed.

In addition, the property garnered $6,200 in fines from the city of Miami Beach once the $900,000 construction project halted after Jean and his partners couldn’t come up with the $177,913 in construction costs needed to finish the effort.

Court documents note that a lien was put on the property this year by the project’s architects, who have tried to collect $75,000 owed to them since 2004.

After all of that, Jean’s corporation now owes the bank $2.4 million.

As a result of the foreclosure, Miami-Dade county will sell the mansion in downtown Miami on December 12.

Court records also show that Jean has not paid employees who worked on the home.