Indiana AG sues MV Realty, says company offering 'cash deal' offered to homeowners is deceptive
CHICAGO (CBS) -- The Indiana Attorney General's office is suing MV Realty – in what the office says is an effort to stop the company from negotiating contracts that violate Indiana law.
MV Realty is based out of Florida, but operates in Indiana and several other states – including Illinois.
Homeowners get a quick infusion of cash, and the real estate company gets a promised future payment.
In many cases, the homeowners are locked into an agreement for up to 40 years - passed down to their families if they die.
The Indiana Attorney General's office says the company is deceptive, and hundreds of homeowners have complained.
CBS 2 Investigator Megan Hickey in July reported on MV Realty and consumer complaints against the company. MV Realty also faces several lawsuits from several other state attorneys general, a growing chorus of questions from consumer advocates, and complaints from people who took the deal without a full understanding of the terms