Bank FORECLOSES On Tory Lanez’ Home: Took A ‘Balloon’ Mortgage Cause His Credit Was BAD!

Rapper Tory Lanez is fighting for his freedom against assault charges brought by his ex-girlfriend, Megan Thee Stallion. Well, MTO News has learned that while Tory may be winning the fight for his freedom against Megan, he’s losing the battle in the area of his finances.

Last week, the banks foreclosed on Tory’s Miami condo. Here are the details, obtained by MTO News. Tory purchased a 3-bedroom, 3.5-bathroom, 2,182 sq. ft. penthouse in 2018 for $1.8 million and to finance the purchase, the rapper took out a $1.26 million loan.

According to reports Tory’s credit was HORRENDOUS, so he took out a non-traditional mortgage with some pretty crazy payments.

MTO News confirmed Tory agreed to make monthly payments of $11,057.40 and then one large balloon payment in December 2021.

Tory Lanez Quarantine Radio Intro

According to the mortgage company, Tory defaulted under the terms of the mortgage by failing to make the balloon note totaling $1,237,456.06.

The suit says Tory owes a total of $1,237,456.06 that is due on the loan plus interest.

The mortgage company also claims in the lawsuit that Tory still lives in the luxury condo and is the only owner on the title.

The company is demanding the court allow them to foreclose on the home and sell it off to the highest bidder. They also want him to pay any difference between the amount the home is sold for and the amount owed.

In related news . . . . MTO News is hearing that Megan Thee Stallion is looking to buy herself a Beverly Hills mansion.