SPRINGFIELD — A family is uncertain about their future while the bank bought their foreclosed home that they rent.
Nearly 40 homes previously managed by Chris Gatley, the owner of 417 Rentals, were up for sale this week on the Greene County Courthouse steps.
Those homes were foreclosed on, after Gatley declared bankruptcy.
It all starts with Chris Gatley, who is still recovering after being shot on January 27th.
No charges have been filed in that shooting.
As for his properties, Gatley owes more than $19 million dollars to 13 different banks for loans related to his properties.
Because of that debt, almost 40 properties were auctioned off on the courthouse steps over the past two days.
On Thursday, 20 homes were up for grabs. 14 of them went to Mid Missouri Bank.
One of those 14 belonged to a couple who was ready to spend every dollar they had to save the rental home that they have spent years trying to make livable.
Knowing the home they rent was up for auction, Bridget Reed and Stephen Jackson were prepared to put a bid in on their home.
“We came with what we have. We got a little more set back. We would’ve went a little higher, but the bank jumping on it like they did, there’s just no way to overcome that,” says Reed.
When Mid-Missouri bank put down $25,000 on their home, they knew.
“It was over right then,” Reed says.
“I thought with the condition of the house, they would kind of know where that’s at, and lower the expectations a little bit. $25,000 for that property? That house is falling apart literally,” says Reed.
About three years ago, the couple needed housing in a short time frame, without great credit. 417 Rental got them into a home in west Springfield, but the conditions were not at all what they expected on move-in day.
“They don’t keep anything up, they don’t fix it. So that’s all been on us since we’ve been there,” says Reed.
The couple says they day they moved in — it was filthy, infested with bugs, and had holes in the walls. They invited KOLR10 over to show us the hard work they’ve put into making this house — a home.
There are four kids, and four adults sharing one bathroom and two bedrooms… or three if you count the garage they turned into a room for their daughter and grandkids.
“We’ve been putting sheet rock up. Before we put that up there, you could look straight up through the ceiling to the outside,” says Jackson, who has been with Bridget for 21 years.
Jackson says they had work to do when they got here, including fixing walls.
“Over here is a bedroom. It had holes in the wall. We fixed that and we let the kids paint,” says Jackson.
He says they haven’t been able to get anyone to fix their plumbing.
“The toilet, for some reason it gets plugged up. You gotta plunger it and plunger it. Sometimes it’ll come back up and come up in the tub,” he explains.
When the heat went out earlier this winter, they waited weeks for repair. They were forced to tough it out putting plastic and sleeping bags over window to keep the heat in.
“We had to do what we had to do, but we still paid the rent,” Jackson says. “I would like to have tried to buy it, that’s why we were there today. We were going to bid on it. Like I told the better half, we could take our time and fix it like we’ve been doing but it would be ours.”
For now, they wait to see what happens next.
KOLR10 spoke with Andrew Moore, Director of Marketing at Mid-Missouri Bank.
He says they are sympathetic to the situations facing people just like Reed and Jackson.
The couple says they spoke to the bank reps at the auction Thursday. They were told that they may be able to apply for financing to own the home.
The couple also claims they were told that the house will be left open until next Friday and possibly sold to the highest bidder.
So at that point, they may have a new home, or a new landlord.