Carr Obtains $1 Million for Georgians who Paid an Early Termination Fee to MV Realty

ATLANTA, GA – Attorney General Chris Carr has secured an additional court order in the form of a Consent Judgment that prohibits MV Realty from conducting business in Georgia and collecting any further money from Georgia consumers. As part of the order, MV Realty has paid $1 million for consumer restitution. This is the largest up-front payment received by any State that has settled with MV Realty to date – bringing the total savings for Georgia homeowners to $25.6 million.  

This outcome, which stems from a lawsuit Carr filed against MV Realty in January 2024, provides critical relief to more than 3,300 homeowners who were tricked into signing predatory contracts with the Florida-based real estate brokerage firm. This includes roughly 1,000 Georgians ages 60 and older. Over 400 Georgians paid MV Realty’s unlawful early termination fee. These consumers will benefit from the restitution fund, which will be administered by the Attorney General’s Consumer Protection Division (CPD). MV Realty consumers have been identified and will be contacted by CPD. 

“MV Realty took advantage of Georgia homeowners who were already struggling – scamming them out of their equity and putting their life savings at risk,” said Carr. "It’s unconscionable, and it’s why we took action to put a stop to their predatory scheme once and for all. With this outcome, we’re returning those funds to the hundreds of Georgians who were impacted, and we’re sending a strong message that this type of illegal behavior won’t be tolerated in this state.” 

MV Realty promoted its deceptively branded “Homeowner Benefit Program” on websites, social media and through telemarketing as a way to “get cash without borrowing” and promised consumers that they could keep the small cash payment in exchange for agreeing to use the company’s services in the future. What was not made clear to consumers is that they were then locked into a 40-year agreement that cost them or their heirs at least 3 percent of the value of the home 1) if it is sold without using MV Realty as their agent; 2) transferred to another person; or 3) goes into foreclosure before the 40 years are up.  

MV Realty enrolled more than 3,300 Georgians into a Homeowner Benefit Agreement (HBA) for which the company recorded a memorandum in the real property records. This memorandum acted as a cloud or lien on the homeowner’s property to ensure collection of the 3 percent early termination fee and interfered with a consumer’s ability to sell or refinance their home or obtain a reverse mortgage. As a result of Carr’s lawsuit, each of these memorandums has been terminated. 

If you are an MV Realty customer with questions about how this order will impact you, visit our FAQ page.  

Please note that the Georgia General Assembly passed a bill that lists specific prohibitions and requirements on unsolicited brokerage solicitations. The bill was signed into law and took effect on Jan. 1, 2024. Read more on the Consumer Protection website.