I-Team: Judge blocks MV Realty mortgages, releases liens
BOSTON - A series of I-Team investigations has led to a court ruling that could mean dozens of homeowners will recoup tens of thousands of dollars.
The property owners say they were duped into signing agreements with MV Realty that included a mortgage lien on their home. The Massachusetts Attorney General filed a lawsuit against the company claiming the agreements were illegal, and now a judge has ordered that company to stop the practice.
The I-Team spent months knocking on doors of homeowners who signed agreements with MV Realty, all of whom said they had no idea the company was putting a mortgage on their property or that they would owe the company thousands.
The I-Team brought those complaints to the Attorney General's office and the state sued MV Realty. Now a judge has sided with the Attorney General and ordered MV Realty to stop putting mortgages on financially strapped homeowners' properties and to release the liens it currently has while the case is pending in court.
It's a big victory for families like Crystal Doe's who had to pay MV Realty thousands when she sold her Rutland home.
MV's contracts offers homeowners a small cash payment in exchange for the right to sell their home for the next 40 years and requires they get a commission on the sale. An I-Team investigation revealed the company headquarters is in Florida and the founder, Amanda Zachman, was a contestant in 2013 on the CBS reality show Big Brother.
The company is also being sued for violating consumer protection laws in several other states. The I-Team reached out to the attorneys representing MV Realty but did not hear back