California Attorney General Rob Bonta announced a legal settlement on May 27, promising relief to 1,500 homeowners who fell victim to “predatory” real estate schemes coordinated by MV Realty, a Florida-based company accused of deceptive business practices in Napa and Santa Barbara counties.
The settlement was reached just ahead of a trial scheduled for June stemming from a lawsuit in which MV Realty was accused of operating a scam promising “immediate cash payments to financially vulnerable homeowners” in exchange for exclusive rights to act as listing agent if the homeowners sold their homes in the next 40 years. Some homeowners were misled into agreements forcing liens on their properties, tying up their homes and preventing the owners from seeking refinancing loans unless they paid MV Realty tens of thousands in “early termination fees.”
The Santa Barbara County District Attorney’s Office joined Napa County and the state attorney general in the legal action against MV Realty in 2023, seeking relief for the homeowners who were led into the deceptive agreements. The settlement totals $2.5 million against MV Realty, with $1.3 million in restitution and $1.2 million in civil penalties…