Rapper Chamillionaire Loses Houston Home to Foreclosure

Chamillionaire loses home to foreclosure
Chamillionaire loses home to foreclosure

At least rapper Chamillionaire isn't changing his name to Cha-"thousand"-aire. The Houston native is getting out of a mortgage for a $2 million home there by not making payments on the mansion and letting it go into foreclosure. The trend of walking away from a mortgage in the down market is hitting even millionaire musicians.

His song "Houston Got a Problem" takes on new meaning.

His decision to go into foreclosure on the 7,583-square-foot mansion that he bought in 2006 was a business decision and not because of "financial negligence or anything like that," he told TMZ, despite carrying multiple mortgages for himself and others.