For immediate release:
Tuesday, March 21, 2023
Contact: Nazneen Ahmed
(RALEIGH) Attorney General Josh Stein has today filed a complaint against real estate brokerage firm MV Realty and its management for unfair and deceptive conduct, usury, abusive telemarketing practices and fraudulent undue collection of debts. filed a lawsuit, alleging that it violated a North Carolina law prohibiting Homeowners have come to sign 40-year oppressive real estate deals. The Justice Department has received more than 20 complaints from people about MV Realty’s alleged unfair and illegal practices.
Attorney General Josh Stein said, “MV Realty alleges that it tries to trick vulnerable people into signing unfair long-term contracts.” will go out of business.”
MV Realty began operations in North Carolina in August 2020 and has since enrolled more than 2,100 North Carolinians in the Homeowner Benefits Program. Nationwide, MV Realty has more than 32,000 homeowners under contract. Through this program, MV Realty targets homeowners facing financial hardship and in need of cash through online advertising, robocalls, and text. MV Realty claims to pay homeowners a small upfront payment “without conditions,” as long as the homeowner agrees to use her MV Realty as his listing agent if the home is sold. I’m here. But MV Realty won’t tell homeowners that if they accept the deal, they’ll be bound by a 40-year exclusivity contract.
MV Realty also mortgages homeowners’ property so they can enforce contracts. Although the ad claims not to set up a mortgage. These liens make it difficult or impossible for homeowners to sell their homes or take advantage of their shares. Also, if a homeowner wishes to be released from an oppressive contract, MV Realty will charge her a break-even fee of at least 10 times the upfront payment received. MV Realty has even filed a lawsuit against the homeowner to block the sale of their home and collect a penalty.
MV Realty also misrepresents the level of service provided by realtors. In practice, MV Realty’s real estate agents primarily act as salespeople focused on persuading homeowners to sign up for her MV Realty’s program. When MV Realty’s realtors persuade homeowners to accept small advance payments, they rush to sign contracts without actually having a chance to read them. When a homeowner enlists her MV Realty realtors to help sell her home, these agents may neglect even basic tasks like putting up a “for sale” sign.
Attorney General Stein is seeking interim and permanent injunctions, consumer compensation, and other financial penalties. If you or someone you know is unlawfully treated by MV Realty, please file a consumer complaint with our office at www.ncdoj.gov/complaint or 1-877-5-NO-SCAM. please give me.
A copy of the complaint is available here.