New Jersey secures $2.8 Million from MV Realty in Consumer Protection Settlement
Trenton, NJ – New Jersey Attorney General Matthew J.Platkin and the Division of Consumer affairs today announced a $2.8 million settlement with Florida-based MV Realty,concluding a lawsuit alleging deceptive practices targeting homeowners. The agreement resolves claims that the company exploited financially vulnerable residents with unfavorable contracts.
The lawsuit,filed in New Jersey Superior Court,centered on “Homeowner Benefit agreements” (HBAs) offered by MV Realty. These agreements provided homeowners with small, one-time cash payments in exchange for placing liens on their properties and agreeing to harsh, “draconian terms” should they decide to sell or refinance. The state alleged these contracts violated New Jersey’s consumer protection laws, trapping homeowners in agreements that significantly diminished their equity and control over their homes. The settlement funds will be used to provide restitution to affected New Jersey homeowners.
