Google “MV Realty” and you’ll find a long list of bad news for homeowners.
Montgomery County’s Recorder of Deeds Jeanne Sorg recently highlighted the Florida-based real estate brokerage’s questionable practices in a newsletter.
The newsletter notes that roughly 100 Montgomery County homeowners have been duped by MV Realty’s scam, and that the company tends to target older, low-income, and predominately minority neighborhoods.
According to Sorg, “the firm offers homeowners between $400 and $1000 cash up front to sign an agreement in which the homeowner is locked into a contract with the company for 40 years. The payment is recorded as a mortgage, meaning there is a lien placed on the property, sometimes unbeknownst to the homeowner.”
Attorney General Josh Shapiro launched a lawsuit against MV Realty last week for misleading homeowners, and Philadelphia City Council has recently held public hearings examining this company and the impact it is having on Philadelphia homeowners. According to the Philadelphia City Council Resolution, more than 400 Philadelphia homeowners have signed agreements with this company.
Sorg recommends homeowners sign up for FraudSleuth – a free property alert tool provided by her office. The system sends you an e-mail alert as soon as something is recorded against your property.
You can also always search documents that have been recorded against your property on the Public Access System or by visiting Sorg’s office.
If you have been affected and wish to file a complaint about MV Realty, you can contact the Pennsylvania Attorney General.
Read more about this business and the lawsuit filed by the PA Attorney General’s office at the links below:
AG Shapiro Sues Real Estate Brokerage Firm MV Realty Over Misleading Homeowner Benefit Program
Pennsylvania attorney general sues real estate firm that was focus of Action News Investigation
State sues MV Realty for allegedly scamming Philadelphia homeowners