More Money Woes For Mary J. Blige; Bank Claims She Owes $2 Million

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By Victor Trammell

If an unfair court order involving financial obligations to her ex-husband was  not enough, new money problems have also arrived into the life of singer and songwriter Mary J. Blige (pictured).

According to The Jasmine Brand celebrity news blog, Blige, 46, is hot water with Signature Bank, a commercial lending institution based in Chicago, Illinois. The financial amount at the center of the dispute between Blige and Signature Bank is very close to $2 million dollars.

Late last month, Signature Bank reopened a default case against Blige and filed documents stating that the Grammy Award-winning artist stopped making monthly payments of $20,000 per month on a $2.2 million dollar loan, which was taken out around seven years ago.

Signature Bank has requested that a court hears its case in order to reach an immediate settlement for the $1,973,253 dollar amount that is in question. In 2012, the bank sued Blige and her ex-husband Kendu Isaacs after the couple allegedly refused to make arrangements to repay the loan.

In a counterclaim, Blige took responsibility for taking out the huge loan in 2010. However, she said the loan was not in default and that the balance was paid down to $1.9 million back in 2015. Blige even said it was Signature Bank and not herself that breached the original financial agreement.

Signature Bank responded by stating that Blige did make some payments on the loan even after the institution’s lawsuit was filed. However, the bank’s legal team additionally said that the payments Blige made did not disprove their claim that she defaulted on the loan.

The Jasmine Brand also reported that in 2015, Blige and Signature Bank came close to reaching a mutual agreement to settle the lawsuit. In the arrangement, the monthly payments were lowered for Blige and the bank was given the option to refile the lawsuit if she defaulted.

Source: http://thejasminebrand.com/2017/07/10/exclusive-mary-j-bliges-bank-wants-1-9-mill-legal-battle-loan-reopened-owes-us-money/

 

 

 

 

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