Three-time Grammy Award-winning singer-songwriter R. Kelly has not paid the mortgage on his 11,140 sq. ft. mansion in Olympia Fields, Ill., in more than one year, according to ChicagoRealEstateDaily.com.

As a result, J.P. Morgan Chase has filed a foreclosure notice on the luxurious two-story home, which “sits behind an imposing gate on a 3.7-acre site” and “features six full bathrooms, seven half-baths and a four-car garage,” among many other amenities.

Kelly, who purchased the south suburban Chicago estate more than a decade ago, has to get current on the $2.9 million outstanding balance or risk having it repossessed by the lender. Its current appraised value is estimated to be $3.5 million.

The report indicates that Kelly has not lived at the home for more than a year and made a deliberate “strategic default’ decision, hoping to trigger a loan modification by defaulting on the loan. It doesn’t appear, at least for now, that a loan modification is in the works for the “I Believe I Can Fly” crooner.

Throughout his career, Kelly has amassed an impressive library of hits as a singer, as well as a record producer. He should be, by no means, strapped for cash. However, the 44-year-old has also had high-profile legal battles along the way, including several charges of child pornography.

Then again, perhaps he’s just not interested in throwing good money after bad on a home that he no longer wants.

Former three-time NBA All-Star, Antoine Walker, will lose a 12,000 sq. ft. home in Tinley Park, Ill., which he purchased for his mother for $2.3 million in 2005, to foreclosure if he can’t come up with $70,000 in delinquent property taxes, according to the Southtown Star.

Walker, who won an NCAA title as a member of the Kentucky Wildcats (1996) and a world championship with the Miami Heat (2006), recently filed for bankruptcy.

He has not played in the NBA since 2008. However, the report indicates that Walker earned an estimated $110 million during his 13-year career.

“Toine” currently resides in a $2.3 million Miami, Fla., mansion, which he intends to keep, according the bankruptcy filing, as well as a $54,000 Range Rover and $2,000 in cash.

It’s unclear at this time if he’ll attempt to save the “glitzy” Tinley Park home before it’s too late or let it go back to the bank.

Stay tuned.

In the meantime, Walker is scheduled to appear in a Las Vegas, Nevada, court to face felony charges for allegedly writing more than $1 million in bad checks to three different casinos.

Not even a month into the 2010 Major League Baseball season and there is trouble afoot in the skies above Wrigley Field in Chicago, Ill., which is perhaps the most historic ballpark in the sport.

Lakeview Baseball Club — located at 3633 N. Sheffield Ave. — has been hit with foreclosure, defaulting on a $2.7 million loan, according to ChicagoBreakingBusiness.com.

The club is located just across the street from where the Chicago Cubs have played their home games since 1916. In fact, it’s in the heart of “Wrigleyville,” offering fans unique rooftop views into the stadium for a fraction of the cost to sit inside.

Indeed, owners of these buildings actually sell rooftop seats; however, they must now share a percentage of their earnings with the organization after a legal dispute was settled a few years ago.

Lakeview is well known for the sign “Eamus Catuli!,” which translates loosely from Latin to “Let’s Go Cubs!,” hanging from the top of the building.

The good news (for Cubs fans, anyway) is that it will continue to remain open until the foreclosure action is resolved; however, the owners of the club were replaced with a judge-appointed receiver to ensure that the funds are distributed properly.

Looks cute, no? Don’t be fooled.

Some Chicago, Ill., residents are barricading themselves in their rooms and running scared down their hallways to avoid “orangutang-sized” raccoons that are seemingly moving in next door.

And in the curious case of Wilma Ward, breaking and entering:

“I looked down the hallway and I saw a set of eyes, too. They weren’t low. I realized it was a raccoon because my neighbor had seen one around…. The next morning, I went into the kitchen. I had the window up, but I have bars on my window. He or she had clawed the screen and squeezed through the bars in the kitchen. There were some corn curls in a bag on the counter. That was all over the floor [along with] some dry macaroni.”

Chicago Sun-Times reports that vacant/foreclosed buildings are to blame … especially if garbage is left unsealed and food is left behind.

And as the raccoons begin to settle in and get cozy in their new digs, they learn to overcome their fear of people, which is never really a good thing.

In response, the city’s Commission on Animal Care and Control is considering whether or not to restore a “now-abandoned policy” that sends animal control officers out to corral and trap the surly (apparently rabies-free) beasts.

Seems like a no brainer.

That’s how Kendi Kiogora, a 28-year-old first-time home buyer, described her recent experience at a Chicago-area auction, anyway.

And when you hear about the deal (or steal) she made off with it’s hard to argue otherwise.

Kendi purchased a “one-bedroom, one-bath apartment in Chicago’s trendy South Loop neighborhood, with skyline views and heated parking, for just $105,000,” according to Reuters.com feature today. The final sale price was $62,000 less than its last listing and well below true market value.

Her good fortune is just more proof that it’s a buyers market. Plain and simple. Opportunities to buy homes at deep discounts have never been better than they are right now.

And according to Dave Webb of Hudson & Marshall, one of the biggest players in the real estate auction business, more amazing deals could flood the market in the very near future.

Here’s a snip:

“The foreclosures are going to explode again.”

Why?

Mr. Webb points to moratoriums that have or are about to expire on foreclosures, which were put in place months ago by major lending institutions and banks to minimize defaults and stabilize the market.

However, this well-intentioned move may have just delayed the inevitable and, as the report suggests, an “avalanche of new repossessions” could be on the horizon.

So keep your eyes peeled in the coming days and months for your winning real estate ticket on Foreclosure.com. Or just use our FREE foreclosure email alerts and we’ll keep our eyes peeled for you.

To check out upcoming real estate auctions from Hudson & Marshall in your area click here.

Five states, six days.

This weekend signals the start of huge opportunities for house hunters and investors in the Illinois, Indiana, Kentucky, Missouri and Ohio markets looking to take advantage of the best real estate deals in their areas.

REDC, one of the nation’s most reputable and successful real estate auction companies, will conduct public foreclosure sales from Saturday (Oct. 10) through Thursday (Oct. 15).

That’s right: Six consecutive days of super sales on condominiums and townhomes, as well as single- and multi-family properties.

All told, 342 properties combined must be sold in less than one week. It’s the reason bids can start as low as $500 — everything must go!

Here are the locations (For complete details click here):

• Oct. 10 — Hyatt Regency O’Hare
• Oct. 11 — Indianapolis Marriott Downtown
• Oct. 12 — The Seelbach Hilton Louisville
• Oct. 13 — Renaissance St. Louis Grand & Suites
• Oct. 14 — DoubleTree Hotel Springfield
• Oct. 15 — Kansas City, Missouri Convention & Entertainment Facilities

Remember that you can bid in-person or online.

The process is safe, easy, and compliant with all legal regulations. And you don’t have to be an experienced real estate expert to purchase a property.

To check out the homes for sale at the upcoming foreclosure auctions in Illinois, Indiana, Kentucky, Missouri and Ohio, as well as to see when REDC will be coming to a city near you, click here.

Good luck!

We hope that you take advantage of these rock-bottom prices and easy financing at today’s low interest rates while they last!

Embattled New York Knicks Center Eddy Curry is facing foreclosure on his $3.7 million Chicago-area home, according to the Chicago Sun Times.

The report indicates that Bayview Loan Servicing recently filed notice in Cook County Circuit Court against Curry and his wife, Patrice, revealing that the couple is about eight months (more than $217,000) behind on their mortgage payments.

Curry — who was selected fourth overall by the Chicago Bulls straight out of Thornwood High School in South Holland, Ill., in the 2001 NBA draft — has earned an estimated $34 million since 2005.

However, financial mismanagement could be to blame — Curry is suing his former business manager for a “thorough accounting” of the 26-year-old’s finances during the last three years.

It could also be the reason Curry has been the target of five separate nonpayment-related lawsuits over the last 18 months. His former chauffeur, David Kuchinsky, earlier this year also accused Curry of sexual harassment in an outrageous case that is still pending.

Around the same time, Curry’s ex girlfriend and nine-month-old daughter, Ava, were murdered in Chicago.

Curry is not the only NBA star to fall into foreclosure — former All Star Latrell Sprewell captured national headlines in early 2008 when he defaulted on his half-million dollar home in River Hills, Wisconsin. For more on celebrity foreclosures check out our archive right here.

That’s the latest good news from the Chicago Tribune, which recently published an article about the housing market in the “Windy City” area and how first time home buyers there are keeping it afloat with foreclosure purchases.

Here’s a snip:

“Value-conscious, first-time buyers have become key to the housing market’s recovery, and they are snapping up priced-right foreclosures despite the warts-and-all, sold-as-is condition of the properties. The glut of foreclosures has pushed down home values, so heightened interest in buying them benefits the immediate neighborhood and the overall housing market.”

Chicago — among the top five most populated cities in the United States and the largest of its kind in the Midwest — has a rich history and offers a lot to its residents and visitors alike. Accordingly, Chicago has long been a desirable (albeit sometimes expensive) place to live and establish a successful career.

So when real estate prices dip it should come as no surprise that buyers are eager to pounce on deals that perhaps only come around once in a lifetime. In fact, the article indicates that the values are so good that “attractive pricing is causing a noticeable increase in multiple offers.”

We took a quick spin through the Foreclosure.com database of possible deals in Cook County, Illinois, which is where all the best home deals in Chicago are located. And, unsurprisingly, we found several ridiculously discounted properties — check out this one right here, which is listed for just $118,750 and has a potential equity spread of $435,121!

To search our database for more great Chicago foreclosure homes and others located throughout the nation click here.

Location: Cook County, Illinois
City: Skokie
Price: $399,000
Zestimate: $588,083
Difference: $189,083

Note: Other comparable listings in the area range from $473,721 up to $689,195. For more property details or to talk to a local real estate agent/broker about this listing CLICK HERE.

To check out some of the other “Deals of the Day” feel free to visit our archive.

What’s the deal of the day? We comb through our nationwide database of more than 1.2 million distressed real estate listings to showcase some of the best investments available on our Web site each morning. These listings represent just a small fraction of the amazing investment opportunities available at Foreclosure.com. To find more bargains like the one pictured above search Foreclosure.com or sign-up for FREE Email Listing Alerts.