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New round of foreclosures hit 417 Rentals properties

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Thirteen foreclosure sales involving homes owned by 417 Rentals LLC or embattled landlord Chris Gatley are scheduled in the next month.

Together, the trustee’s sales in May and June seek to satisfy loan debts of $5.6 million, according to today’s edition of legal-notices publication The Daily Events. The publication posts trustee’s sales notices after receiving information from the successor trustee attorneys in the cases.

The largest foreclosure sale is scheduled May 28, when properties at 26 addresses owned by Gatley and his 417 Rentals will hit the public auction block. Together, the homes have a $1.4 million debt amount held by Arvest Bank, according to The Daily Events and Greene County recorder data.

The current trustee’s sales start May 21 and continue through June 7, according to The Daily Events. Springfield Business Journal previously reported banks had claims of around $32 million.

Similar to previous foreclosure sales involving 417 Rentals and Gatley, most of the bids this month will be for packages of several properties in multiple neighborhoods.

Other banks with debt claims in the upcoming foreclosure sales are Guaranty Bank, OakStar Bank, Old Missouri Bank and Systematic Savings Bank, according to county recorder data.

Banks began to move forward on additional foreclosures of 417 Rentals and Gatley properties earlier this year, when a judge denied the company’s Chapter 11 bankruptcy petition over allegations it did not abide by claims to maintain its properties, complete necessary repairs and respond to ordinance violations, SBJ previously reported.

Gatley went to a local hospital in January with a gunshot wound and survived. He and his company have faced online criticism over allegations of overcharging tenants and failing to make repairs, according to past reporting.

A call to 417 Rentals went to voicemail this morning, and Gatley has not previously returned multiple requests for comment.

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