The 80's were a high point for Doug E Fresh. Unfortunately, it's tough to pay bills with 30 year old fleeting fame and Doug E Fresh is imploding on multiple mortgages. The rapper has lost three homes in New York foreclosure proceedings and auctions after he defaulted on nearly $4 million dollars of mortgages.
Why would anyone give a no talent, washed up rapper a loan to begin with??? We're not feeling very sorry for the financial institutions here. Of course, the guy also owes American Express nearly $60,000 in high interest credit-card debt . Throw in a tax lien of approximately $400,000 from the IRS and another $40,000 that he owes the New York tax collector.
Apparently, someone is still pushing money at this guy and hoping to cash in on his former success. He's teamed with investors right now to open a restaurant in Harlem, Doug E's Chicken and Waffles in 2009. Someone will undoubtedly be stupid enough to personally guarantee the commercial loans and will end up in court.