If you think troubles over homes and foreclosures and banks in Las Vegas are over, Michael Bondi has a tale to tell.
Bondi is a Las Vegas realtor who focuses on foreclosures and short sales. However, now finds himself in court over his own troubled home loan.
Bondi recently filed an amended federal suit against Bank of America and Nationstar Mortgage, claiming fraud over how they dealt with his loan. He alleges Bank of America sold his zero-balance loan to Nationstar, then Nationstar tried to collect $70,000 from him.
But Bondi says his zero-balance means he owes nothing more on his foreclosed home. Meanwhile, attempts to correct his financial struggles have been a recurring nightmare.
Bank of America sent the following statement to KNPR's State of Nevada:
“Due to the active litigation, we cannot respond to the specifics of this case. When there are two loans on a property and the first loan forecloses, the balance of second loan is not affected by the foreclosure and remains due and owing. A second loan would generally remain active, even after a foreclosure on the first loan.”
Michael Bondi, real estate agent