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Actor/musician Common poses for a portrait during the 2012 Sundance Film Festival at the Getty Images Portrait Studio at T-Mobile Village at the Lift on January 23, 2012 in Park City, Utah.
Common, or Lonnie Lynn, and his manager Derek Dudley acquired a two-bedroom condo at 100 E. 14th St. in June 2008 with a mortgage of $361,511, according to the Chicago Sun-Times.
Bank of America filed a lawsuit against Lynn and Dudley after the duo stopped making payments in March totaling $345,389.52 in debt, the Sun-Times reported.
Common’s rep reportedly emailed a statement that the two sides have reached an agreement stating, “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.”