Common's South Loop Condo In Foreclosure?

Back in September of 2010 we posted about "living large like a Chicago hip-hop star in the Sloop" in reference to Common's condo that was being rented out at 100 E. 14th.  Well according to the Chicago Sun-Times you wouldn't be living large, you would be foreclosed upon:

The rapper Common now has something in common with many other Americans — he’s a defendant in a foreclosure suit. 

Bank of America has filed suit against the Chicago-born artist and his manager, accusing them of failing to make monthly payments since March on a Near South Side condo. The suit said they owe $345,389.52. 

A publicist for Common said in an emailed statement, “The Chicago property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact.”