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Tionne “T-Boz” Watkins has had her share of financial difficulties over the past few years.
The TLC singer nearly lost her home to foreclosure a few years back and even filed bankruptcy a few times in order to save her mansion and other assets.
[READ: T-Boz To Fans: "I'm NOT Homeless!" ]
Watkins also made headlines a few months ago when she was said to be dodging the repo man when she was reportedly late making payments on her 2005 Honda Odyssey.
[READ: Hard Times? T-Boz's Honda May Be Repossessed Soon... ]
Well now T-Boz can finally breathe a lil bit easier after downsizing her debt.
Details below…
According to TMZ, the house is no longer a problem for T-Boz, in fact… she recently sold it.
But the sad thing about the real estate market these days is that most people are taking huge losses for properties they invested in years ago.
T-Boz reportedly only got a measly $680,000 for her mansion, walking away with a huge loss.
She originally paid over a million bux ($1,122,700 to be exact) when she purchased the huge home back in 2001.
Downsizing is a smart move.
Hopefully Watkins can finally get her finances in order. Dropping that huge mortgage is a start…
Are you surprised that so many entertainers are having financial difficulties?
Good luck T-Boz! We are all having money problems-that’s why people don’t need to be walking around talking about they RICH. You can come down as easily as you got up!
Amen sista! The folks running around talking smack about "I’m rich bitch!" are not immune to financial struggles. These folks need to humble themselves.
You sound like one of those music thieves. She don’t have stacks like that bc of ppl stel’n music.
iTunes has been out for a minute now. People don’t steal music anymore.
She didn’t brag about her money. Get your facts right. You won’t get up with that kind of attitude.
Good luck to her and its a lesson that so many black people who ‘make it’ still don’t get, PAY FOR THE HOUSE IN FULL IN CASH from the jump, no fancy cars, clothes, rip off jewel prices and other nonsense that can all come later.
i dont understand why a person with money dont go ahead and payy off the house? i mean they could easily do it….
Agreed, don’t know why these people don’t just pay their homes off. Even if you go broke, you will have a roof over your head.
If you gon judge her, do it right. They should use the money for better things and not just a house. Learn the business in general or whts will continue to be your owner/boss.
I agree she could have gotten a really nice modest home in Georgia and paid cash rather than a mini mansion. Pay for the houses and cars with cash and stop living above your means. It is only two of them, they didn’t need all that. They all should have done like Kandi did keep the modest home and when you could afford to upgrade then do so.
PREACH! Im sure she had a mill in cash at one time and could have bought that house outright. When you get a mortgage you end up owing triple what the house was worth. Plus it aint helped matters none when her ex and baby daddy Mac 10 was having financial problems and haven’t even given her no child support.
absolutely she needs the money!!!
Good Luck T Boz and breath easy. You don’t need more stress than is necessary. Too many things outside of our control as it is. Time to live happily ever after.
2005 Honda Odyssey?? Isn’t that a minivan? That’s what all the Indians out here drive!
that she was still making payments on!!!
I hope all goes well for her. She has a string of medical problems along with Mack 10 not paying for his child’s needs.
She should have dumped it awhile ago, could have saved her a headache. The good thing about the ATL…she can still get a nice house n land for a 2000.00
I’m happy for her and wish her nothing but the best as she turns to the next chapter in her life!
DAMN THE HOUSE HOW HER HEALTH? And her baby not grown yet?
im glad that she’s making progress…but it just floors me that people constantly announce when others fall onto hard times
say something positive for a change,give an update on her health, her daughter, her success that she’s had
god bless you t-boz… live your life
At least she has the money from selling her home, even at a loss. She didn’t just lose it and is totally ass out( paging Evander!)Hopefully things will improve for her from here.
If you can’t manage $100.00, then you definitely can’t manage $10,000.
LET the church say AMEN!!! To whom much is given much is required. It needs to be mandated that these celebrities get with financial professionals from the gate Seriously.
sometimes them financial professionals be professional rip off artists! Didn’t Eddie Murphy’s ex say she put a million into a trust and the financial advisors and bank stole it from her?
Whatever..blackfolk thrifty as hell..the power u get when ppl know u got money is what cause problems..plus i love tlc..tboz..met her cool as hell..chilli..lefteye..r.i.p…but they the ones that sang the hit dont go chasin waterfalls..an look what happen after that..practice what u preach..but Godspeed tboz..i need some more music from yall…comeback girl please!
It doesn’t make sense to buy a huge home and pay cash. The whole point of purchasing a home is the investment. In addition, you get you write off the interest against current income. Otherwise, it’s just like leasing/renting a home. No benefit!!
Exactly and chances are she isnt keeping a PENNY of that 600,000. Guarantee all of that is owed to the mortgage holder.
It’s better to buy a house outright so you and your family can always have somewhere to live no matter what. If it’s paid for no one can take it. People playing investment games like trying to write investments off against taxes, etc. is all for nothing when you lose the house. A house is to establish a home and stability for family, not an investment.
Buying a home, requires more than just paying the selling price. You also have to pay property taxes each year.
The property taxes get written off hence your refund from the IRS. She would have been better buying the house outright. She would always have a place to live and if she wanted to sell it she would keep the money and not split it with creditors. Investment games are just that…GAMES!
Paying your house off is the first thing you do especially if you don’t have steady income. Second thing you do is save as much money as possible and live below your means. Having extensive clothes,cars and jewelry will take you down the road of zero money fast, especially if you have an expensive imported car with high maintenance
It DOES make sense to buy a huge home a pay cash, you own it, it’s yours out right. It DOES NOT make sense to have a mortgage when you can pay cash (you do not own the home, the bank or lender does)Having a mortgage means that you enter into a financial agreement with a bank or lender to secure a loan given to an individual and then that individual gives the bank or lender the right to take possession of the property if the loan is not repaid according to the terms. Your home, car etc… is not an investment until you own it…. And buy the way, anything you buy with cash whether its a home, car, jewelry, clothes, art, music is considered an investment depending on what youre investing in….
Correction, I should have said "by" the way instead of "buy" the way…
Let me just ask this one question: How the hell are you living in a damn mansion and you drive a minivan? That’s like living in an apartment and driving a Maybach! Unless you have an endless supply of money, purchase something you can afford and stop trying to live that "life"! #yeenboutdatlife
She should have bought something she could afford? She only paid $1.2m for the mansion. That’s a steal. WIth the money she made in the 90′s $1.2m is like $5.
God bless T-boz. Things will get better with her.
Much repect to Tionne. She’ll be alright.
I’m rooting for her. Nothing wrong with renting a cute apartment and driving a Dodge Neon for awhile until the dust settles. Start over, but this time, rebuild in a realistic way for the future.
I hope everything works out for her. Everybdy is having $ problems an on top of that mack 10 sorry ass isn’t any help to her. L.A. Reid & Pebbles ass shuld b throw’n $ at her right now bcuz they trick’d tlc out of so much
Now a days even the so called the bwst of the best are havn MONEY PROBLEMS, we just have to continue to PRAY, & know that MONEY CANT FULLFIL OUR EVERY NEEDS, BUT GOD CAN. Have FAITH & stay HUMBLE
I pray things continue to go better for her! Sickle cell is not easy nor fun to have. Glad to see her surviving and doing the best she can! Stop talking about what she could’ve done people. Wish her better health
T-Boz should be cast in the role of Whitney Houston’s life. She is a pretty lady. I saw an interview of her and it seems that she has the smile in the eyes like Whitney.
May revive her career.
Just paying for a million dollar mansion in cash isn’t enough because even when that mansion is paid for they still need to pay the property taxes on it as well as the general upkeep. I can imagine what the yearly property tax is on that monster. She would have been better off buying a lavish 3o0-400k home and living within her means.
I say, manage the group you guys try to pick one from on the show you had awhile back. All three of those girls could have been the new TLC. You and Chili could have managed them. Think about it! The three finalist girls would have been great together. Thhhiiinnk about iiiiitt!
But it’s 2012 how could you still be paying on a 2005 Honda. And she made Millions, and couldn’t buy the 1 million dollar house CASH. WTF!!! SOMETHING IS WRONG!!!! JUST SAYING! IN ATLANTA IT SEEMS EVERYTHING IS FOR SHOW!!! FAKE IT TILL YOU MAKE IT!
I bet Pebbles still got bank with her thieving ass! It all started with her. TLC should have been paid WAY BACK!
I forgot about them getting scammed out of that money a long time ago. Maybe she didn’t have that much money after all.