Last week, we learned that Birdman is defaulting on the $12.5 million loan he took out against the $14.5 million Miami mansion he bought in 2012.
The 2015 loan has changed hands a few times since it was written, and is now held by EMG Transfer Agent.
EMG has now officially filed a foreclosure lawsuit against Birdman. The suit also includes a 26,000 square foot North Miami office building which houses Birdman's Hit Factory Criteria Recording Studio. If he doesn't start paying quickly, he could lose both properties.
Neither Birdman nor his reps have commented on the lawsuit.
Birdman put the mansion on the market for $20 million earlier this year. However, he didn't get any offers and recently dropped the price to $16.9 million.
Looks like he better drop that price again or risk being homeless and studio-less.
Rick Ross just might make him an offer if he does.