Attorney General Todd Rokita has achieved a legal victory against MV Realty, a Florida-based real estate company accused of engaging in unlawful practices with Indiana residents. The company reportedly locked Hoosiers into long-term broker services contracts through robocalls, which allegedly breached state law.
These contracts, lasting 40 years, provided modest upfront payments but were recorded in the homeowners' property titles. This recording posed issues for those seeking to refinance or obtain second mortgages. "Hardworking Hoosiers face burdens enough in financing housing costs without the added headache of dealing with deceptive schemes," stated Attorney General Rokita. He emphasized that stopping these practices has relieved many homeowners from unfair situations.
Under a consent judgment, MV Realty and its leaders have agreed to certain terms. Homeowners affected by this settlement will be informed via letter from Attorney General Rokita’s team. For inquiries regarding the judgment, consumers can contact [email protected].
The lawsuit claimed that MV Realty's agreements were akin to high-interest mortgages due to their recording against real property. The resolution nullifies over $800,000 in expected future receivables for MV Realty.
In response to the lawsuit, the Indiana General Assembly has passed legislation prohibiting similar contractual arrangements. Attorney General Rokita acknowledged his team's efforts in securing this outcome, specifically mentioning Deputy Director of Consumer Protection Steven Taterka; Homeowner Protection Unit Section Chief Chase M. Haller; Deputy Attorney General Jennifer Linsey; Homeowner Protection Unit Investigator Molly Jefford; and Data Privacy Investigator Victoria Hardcastle.
The consent judgment is available for review.
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