ATLANTA — Channel 2 Action News has learned that MV Realty has withdrawn its bankruptcy petition.
Channel 2 Action News has reported on MV Realty’s homeowner benefit program where you get a small check now but a big penalty later – 3% of the value of your house if you don’t use them to sell your house.
The company has used the liens to strong-arm homeowners into paying them thousands of dollars on the sale of their homes.
After our investigation, MV Realty was sued by several state attorneys general, including Georgia Attorney General Chris Carr.
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Last fall, MV Realty filed for bankruptcy in federal court. Now they have pulled out of the bankruptcy process.
Last year, Gov. Brian Kemp signed into law a bill that outlaws a key part of the controversial real estate deals. The new Georgia law does not ban the 40-year contracts but does prevent the liens MV uses to enforce them.
It does not impact those liens already on the books, but there is also still an open and active investigation by the state attorney general’s office.
Channel 2 Action News is working to see what that could mean for homeowners who still are bound by the company’s 40-year listing agreements.
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