Florida AG files complaint against MV Realty – Boston 25 News

BOSTON—Florida Attorney General Ashley Moody filed a civil complaint against an actual property firm providing Massachusetts homeowners hundreds of dollars upfront in exchange for a 40-year lien on their mortgage.

The complaint for injunctive and financial aid against Florida-based MV Realty was filed Tuesday in Hillsborough County Circuit Court. Moody’s workplace is asking Florida’s thirteenth Judicial Circuit to chorus from imposing MV Realty’s contracts with customers, stop future misleading and unfair practices and return the cash “defendants wrongfully took from homeowners and impose civil penalties for Defendants’ willful violations of the law.”

“Defendants offer homeowners $300-$5,000 as a cash loan alternative in exchange for an agreement to use the company as an exclusive listing broker. However, after accepting the payment, homeowners discover that MV Realty files a 40-year lien on the property that requires paying 3% of the value of the home to MV Realty, regardless of whether the company ever provides any real estate listing services,” Moody’s workplace stated in a press release.

MV Realty describes itself as an actual property brokerage in Delray Beach enterprise that operates in 33 states, in response to its website. The firm advertises its Homeowner Benefit Program as an “innovative approach” that “offers a great way to receive quick cash without taking out a loan, paying interest, or having monthly payments.”

“If you’re a homeowner, we can offer you a cash incentive of up to $5,000—a percentage of the estimated value of your home—in exchange for a 40-year agreement to use MV Realty as your listing agent—if and when you decide to sell your home,” the web site says.

Massachusetts property data present dozens of house owners have signed agreements with MV Realty since 2021. However, a joint-investigation by Boston 25 and its Cox Media Group sister-stations found attorneys basic in Florida, Georgia and North Carolina have opened investigations into the corporate’s enterprise practices.

Sec. of the Commonwealth Bill Galvin, who oversees most land data in Massachusetts, stated his workplace is “very interested” find out if MV Realty is “engaging in predatory practices.”

“I have significant concerns about what they’re doing,” Galvin stated.

The Massachusetts Attorney General’s Office advised Boston 25 they’re conscious of MV Realty’s enterprise practices, however couldn’t remark additional.

Florida is without doubt one of the first states to take civil motion against the corporate.

“For many Floridians their home is their most important asset and the cornerstone of their financial stability. For a company to prey on unsuspecting homeowners in a way that locks them into a 40-year obligation designed to siphon away equity from the property is disgraceful. Today, I filed legal action to end this deceitful practice and protect Florida homeowners from further harm,” Moody stated in a press release.

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