The company allegedly marketed a deceitful program at New Jersey homeowners, according to the New Jersey Attorney General's Office.
Chris Sheldon | NJ Advance Media for NJ.com
The New Jersey Attorney General’s Office has filed a complaint against a Florida-based real estate company after it was accused of a “predatory” scheme involving one of its programs that has deceived more than 1,250 Garden State residents, the office said in a statement released Tuesday. According to the complaint, filed in the Superior Court Chancery Division in Essex County, MV Realty and its principals marketed its Homeowner Benefit Program to consumers as a low-risk opportunity to obtain quick cash, between $300 and $5,000 in payment upfront, in exchange for them giving the company the right to serve as their real estate agents if they decide to sell their homes in the future.
The company claimed that the program was not a loan and told homeowners they had “no obligation” to repay them or ever sell their home in the future, when in fact HBP operates as a high-interest mortgage loan that gives MV Realty the right to list a property for 40 years, survives the homeowner’s death, and levies an exorbitant early termination fee against homeowners, the office said in a statement.
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