I am writing today to make you aware of MV Realty who is doing work in Montgomery County and has a record of questionable business practices.
This national company offers homeowners cash up front, between $400 and $1000, 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.
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 authorizing the public hearings, there are more than 400 Philadelphia homeowners who have signed agreements with this company.
In Montgomery County, there are about 100.
While the number of these mortgages recorded in Montgomery County is still relatively low, I am disheartened that this company tends to target older, low-income, and predominately minority neighborhoods.
I highly recommend all Montgomery County homeowners sign up for FraudSleuth – a free property alert tool provided from my office. Once you have registered, our 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 my office Monday through Friday 8:30AM to 4:00PM.
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
City Council investigates real estate dealings that locked Philadelphia homeowners out of the right to sell their homes
Montgomery County Recorder of Deeds