Georgia’s Attorney General says hundreds of homeowners will be getting money back after the state won a million-dollar settlement against a real estate company accused of trapping customers in decades-long contracts.
Georgia sued the Florida-based company MV Realty after a multi-year Channel 2 Action News investigation.
The money will be paid to more than 400 homeowners who were forced to pay early termination fees.
The state says the company promised homeowners quick cash but instead left thousands of Georgians tied to decades long contracts that amounted to liens on their properties.
Homeowners were locked into the deals for 40 years.
“Do business in Georgia, but do it fairly,” said Shawn Cunroy, communications coordinator with the Georgia Attorney General’s Office.
MV Realty can no longer do business in the state of Georgia, and the Florida-based company was ordered to pay $1 million in consumer restitution.
Cunroy said they are pleased with the result of the lawsuit filed by Attorney General Chris Carr in 2024, accusing it of deceptive and unfair business practices.
“Consumers were approached with an offer that was deceptive,” he said.
Conroy says MV Realty marketed its “Homeowner Benefit Program” as an easy way to get cash without taking out a loan.
MV Realty would cut homeowners an immediate check up to $3,000.
In return, homeowners would list their home with an MV Realty agent or pay a penalty equal to 3% of the sale price of the house.
Homeowners were locked into the deals for 40 years.
Columbus homeowner Julia Henry says MV Realty slapped a lien on her home when she tried to sell
She said she thought she’d signed up for a grant to receive $500 for home improvements.
“She said, ‘sign right there. Sign right there, sign there.’ And I just kept signing. She didn’t tell me, well, this what you’re signing for,” Henry said.
Following our Channel 2 investigation, attorneys general in 12 states sued MV Realty and legislators in 32 states passed new laws to ban or limit the company’s operations.
Carr says more than 3,300 Georgia homeowners signed agreements, and more than 400 people paid unlawful early termination fees.
“Consumers do not need to reach out to the state. There is not a form to fill out. We have identified the consumers that will receive restitution and we will be contacting them,” Cunroy said.
“They done stole a lot of people’s houses probably, because probably ain’t nobody doing nothing about it. They just out there doing what they want to do,” Henry said.
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