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Pennsylvania AG\u2019s office settles with realty company accused of running \u2018free money\u2019 trap<\/p>\n
The Pennsylvania Attorney General\u2019s Office has settled litigation against a realty company accused of misleading customers with a \u201cfree money\u201d trap<\/a>.<\/p>\n PREVIOUS COVERAGE >>> Pennsylvania Attorney General\u2019s Office taking \u2018predatory\u2019 realty company to trial<\/a><\/p>\n Channel 11 has reported on Florida-based MV Realty for years. The company offered to pay homeowners for exclusive rights to sell their homes for 40 years. But they didn\u2019t tell homeowners that a mortgage lien would be placed on their property to enforce the contract.<\/p>\n 11 Investigates worked with our sister stations around the country to expose their deceptive business practices and pass new laws to protect homeowners.<\/p>\n PREVIOUS COVERAGE >>> UPDATE on \u2018Free Money\u2019 Trap that left PA homeowners with 40-year Liens<\/a><\/p>\n The AG\u2019s office sued MV Realty<\/a> in 2022, and on Thursday, officials announced that a settlement had been reached.<\/p>\n \u201cPennsylvania homeowners who fell victim to MV Realty\u2019s deceptive sales practices were trapped by the mortgages placed on their homes,\u201d Attorney General Dave Sunday said. \u201cThis settlement provides impactful relief by eliminating those mortgages and protecting homeowners\u2019 most valuable assets.\u201d<\/p>\n PREVIOUS COVERAGE >>> MV Realty facing Congressional scrutiny following Channel 11 investigation<\/a><\/p>\n As part of the agreement, MV Realty and its officers can\u2019t do any residential real estate business in Pennsylvania.<\/p>\n The 1,300 mortgages recorded with MV Realty will be terminated, and all current contracts will be canceled.<\/p>\n MV Realty must also pay $645,595 in restitution to customers, in addition to more than $1.66 million in civil penalties.<\/p>\n PREVIOUS COVERAGE >>> States introducing legislation to stop deals similar to those made by MV Realty<\/a><\/p>\n Since 11 Investigates began reporting, 32 states have passed laws to make agreements like this illegal.<\/p>\n In total, 12 attorneys general have sued MV Realty. Other states that have reached settlements with the company include Florida, Georgia and Massachusetts.<\/p>\n PREVIOUS COVERAGE >>> 11 Investigates UPDATE: Florida AG sues MV Realty for blindsiding homeowners with 40-year liens<\/a><\/p>\n The Pennsylvania AG\u2019s office says that, if you paid an early termination fee to MV Realty, you can file a complaint within 60 days to qualify for potential restitution. You can do so online<\/a>, by phone at 1-800-441-2555 or by emailing consumers@attorneygeneral.gov<\/a>.<\/p>\n Download the FREE WPXI News app<\/a> for breaking news alerts.<\/p>\n Follow Channel 11 News on Facebook<\/a> and Twitter<\/a>. | Watch WPXI NOW<\/a><\/p>\n