FCC takes on reality company that roped homeowners into 40-year-listing after CMG investigation




  • In Business
  • 2023-01-24 21:20:11Z
  • By WSB Cox articles
 

The Federal Communications Commission announced Tuesday that it took "decisive actions" to shut down a company that roped unsuspecting homeowners into a 40-year listing agreement.

Channel 2 Action News teamed up with our sister stations across Cox Media Group to investigate MV Realty.

Homeowners accused the company of offering them quick cash that left them with a four-decade-long agreement that the company could list their homes when they chose to sell or pay the company 3% of the price of the home.

Channel 2 Investigative Reporter Justin Gray talked to victims of the Florida-based company for months. Gray and other investigators talked to homeowners from Massachusetts to Florida who all had strikingly similar stories.

"Would you ever sign a 40-year contract?" Gray asked 75-year-old Julia Henry.

"No," she said. "I would never do that," Henry said. "I ask everybody, 'Y'all know MV Realty?' Well don't get tied up with them. Those are some bad folks."

According to Georgia Superior Court Clerk, there are 3,321 MV Realty Homeowner Benefit Agreements in 104 Georgia counties. About 2,000 of those were here in metro Atlanta.

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Homeowners who signed on the dotted line told Gray they didn't read the fine print on a deal that could cost homeowners tens of thousands of dollars.

TRENDING STORIES:

  • Lawsuit filed against company accused of luring homeowners into 40-year commitment with quick cash

  • 2 more states file suits against realty company that trades quick cash for 40-year listing agreement

  • Senators ask federal regulators to look into company at center of Channel 2 investigation

On Tuesday, the FCC announced that they have ordered telecommunications companies to stop what they call "illegal robocall traffic" from MV Realty to targeted consumers.

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"Mortgage scams are some of the most pernicious types of robocalls we see. Sending these junk calls to financially-stressed homeowners just to offer them deceptive products and services is unconscionable. That's why we are shutting down these calls right now," FCC Chairwoman Jessica Rosenworcel said.

Last year, the Florida attorney general announced legal action against against the company. In the lawsuit, Florida's attorney general is seeking to stop enforcement of MV contracts, return money to homeowners and impose civil penalties.

Georgia Attorney General Chris Carr and the Federal Trade Commission also have open, active investigations into MV Realty. Attorneys general in Pennsylvania and Massachusetts have also filed suits against MV Realty over their homeowner benefit agreements.



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