Florida's JP Morgan Chase Bank has reportedly begun the foreclosure of the Pembroke Pines home of rapper Trina according to documents filed in a Broward County courthouse.
According to official court documents obtained by SOHH.com, hip-hop diva Katrina "Trina" Taylor is facing foreclosure proceedings in the 17th County Circuit Court for neglecting to make more than three consecutive payments on the home, located in the Pembroke Isles gated community. The case, being presided over by Judge Victor Tobin, was filed in September 2004 and is still open.
Trina purchased the home for $157,500 in October 1999 -- about a year before releasing her first solo disc, the gold certified, The Baddest B***h. The value of the house has since risen and is presently estimated at $300,000.
Florida attorney and real estate expert, Tracy Davis-Puchi, Esq., says Trina still has time to save her home under Florida's "right of redemption" laws.
"The right of redemption allows the borrower to prevent foreclosure by paying the entire balance due to the lender," Davis-Puchi explains to SOHH.com. "However, this right ends once the property is sold at a foreclosure. In the early stages, if she can make arrangements with the plantiff's attorney and the bank, she could pay up the arrearage and the attorney's fees and the bank would drop the foreclosure suit."
Trina, who was ironically a realtor prior to her rap career, has one additional option to pursue in lieu of foreclosure of her home, which she once showed off in an episode of MTV's "Cribs".
Another alternative she has is to sell the house before the foreclosure suit is finished," states Davis-Puchi. "If she could sell the house for $250,000, she might get a buyer who would close before the house was sold on the courthouse steps. This would pay back the mortgage and the attorney's fees and leave her with some money."
Trina has kept busy making guest appearances with Trick Daddy, gracing the cover of King magazine's May/June issue and recently co-hosting The Source Awards, but "the baddest beeyatch" hasn't released an album since 2002's Diamond Princess, which sold gold. After creating a buzz with "Big Ole Dick," Trina's third CD, The Glamourous Life was initially slated to drop via Slip-N-Slide/Atlantic Records in 2004, but has been pushed back several times. The album is currently scheduled for release in May 2005.
According to official court documents obtained by SOHH.com, hip-hop diva Katrina "Trina" Taylor is facing foreclosure proceedings in the 17th County Circuit Court for neglecting to make more than three consecutive payments on the home, located in the Pembroke Isles gated community. The case, being presided over by Judge Victor Tobin, was filed in September 2004 and is still open.
Trina purchased the home for $157,500 in October 1999 -- about a year before releasing her first solo disc, the gold certified, The Baddest B***h. The value of the house has since risen and is presently estimated at $300,000.
Florida attorney and real estate expert, Tracy Davis-Puchi, Esq., says Trina still has time to save her home under Florida's "right of redemption" laws.
"The right of redemption allows the borrower to prevent foreclosure by paying the entire balance due to the lender," Davis-Puchi explains to SOHH.com. "However, this right ends once the property is sold at a foreclosure. In the early stages, if she can make arrangements with the plantiff's attorney and the bank, she could pay up the arrearage and the attorney's fees and the bank would drop the foreclosure suit."
Trina, who was ironically a realtor prior to her rap career, has one additional option to pursue in lieu of foreclosure of her home, which she once showed off in an episode of MTV's "Cribs".
Another alternative she has is to sell the house before the foreclosure suit is finished," states Davis-Puchi. "If she could sell the house for $250,000, she might get a buyer who would close before the house was sold on the courthouse steps. This would pay back the mortgage and the attorney's fees and leave her with some money."
Trina has kept busy making guest appearances with Trick Daddy, gracing the cover of King magazine's May/June issue and recently co-hosting The Source Awards, but "the baddest beeyatch" hasn't released an album since 2002's Diamond Princess, which sold gold. After creating a buzz with "Big Ole Dick," Trina's third CD, The Glamourous Life was initially slated to drop via Slip-N-Slide/Atlantic Records in 2004, but has been pushed back several times. The album is currently scheduled for release in May 2005.
