LAS VEGAS (KTNV) — If you are a homeowner who has had dealings with MV Realty, you may be entitled to compensation. That's according to a recent alert from Nevada Consumer Affairs.
Investigators believe that MV Realty promoted what it called a "Homeowner Benefit Program," under which homeowners were offered cash in exchange for allowing an MV Realty agent to conduct market analysis of their home.
The cash offer typically ranged between $500 to $1,500.
However, according to NCA, many homeowners were not adequately informed that participation in the program required them to sign a 40-year exclusive real estate listing agreement.
MV Realty is accused of recording 40-year liens against the properties after getting the homeowners' signatures, often without their knowledge.
Homeowners frequently discover these liens only when attempting to sell their home, refinance, or borrow against their home’s equity.
In many cases, homeowners were told the lien could be removed only by paying MV Realty three percent of the home’s value.
Other states have taken enforcement action against MV Realty and its affiliates for similar conduct.
Nevada homeowners who believe they signed an agreement with MV Realty or who have discovered a lien related to the Homeowner Benefit Program are encouraged to visit NCA’s website to learn more and file a complaint online, or to contact them by telephone at 1-844-594-7275.
Even homeowners who have already paid to have the lien released are encouraged to reach out, as their information may assist the investigation.
