Just like lots of Americans, former Rep. Jesse Jackson, Jr., is dipping into the value of his home to pay off debts.
But unlike other folks who refi in order to finance the kids’ college tuition, say, or a nice vacation, Jackson told the U.S. District Court in D.C. that he is refinancing his home to pay the $550,000 balance of the $750,000 he was ordered to pay as part of his conviction on political corruption charges.
Jackson, the Chicago Democrat who is currently serving a prison sentence, initially planned to sell off his Dupont Circle home to come up with the cash. But according to a filing on Thursday, he instead will get the payment, which he says he’ll get to the government by June 1, by refinancing it. He’s “in the process of closing” on the deal, the filing states.
See the filing here:
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