Real estate company accused of tricking homeowners into signing deceptive contracts files for bankruptcy
A company accused of tricking homeowners into signing deceptive contracts has filed for bankruptcy.
ABC-11 TV in Raleigh is reporting that the voluntary bankruptcy petition comes while MV Realty is facing suit by several attorney generals, including here in North Carolina.
MV Realty is accused of paying homeowners as little as $300 for the exclusive right to sell their home for 40 years.
North Carolina Attorney Josh Stein filed a lawsuit against MV Realty and a judge ordered the company to temporarily halt its services here in the state.
The Unfair Real Estate Agreement Act, which recently became law in North Carolina, prohibits agreements such as MV Realty's.
While the company has said it's paused its Homeowner Benefit Program, members of Congress are stepping in to ask what happens to those customers who still have deals with MV Realty.