N.C. Judge Grants Preliminary Injunction in MV Realty Case
August 31, 2023
A North Carolina judge granted a preliminary injunction in a case against MV Realty alleging the company violated laws prohibiting unfair and deceptive practices by tricking homeowners into signing 40-year real estate agreements.
“I’m pleased that Judge Davis agreed with our office that MV Realty cannot continue to take advantage of hardworking homeowners while this case continues,” said North Carolina Attorney General Josh Stein. “This company has preyed on too many North Carolinians, and we’ll do everything in our power to provide relief for the more than 2,000 victims and to make sure that they can’t harm others in our state ever again.”
In his order, Judge Mark Davis indicated that North Carolina’s Department of Justice will likely succeed on its allegations that MV Realty has acted in ways that have the capacity to deceive, and actually have deceived, homeowners in North Carolina.
On Aug. 24, N.C. Gov. Roy Cooper signed House Bill 422, which makes NTRAPS unenforceable, restricts and prohibits the recording of these property records, creates penalties if they are recorded and provides for the removal of NTRAPS from property records and recovery of damages.
Attorneys general in Florida, Massachusetts, New Jersey, Ohio and Pennsylvania also have filed lawsuits against MV Realty.
Contact ALTA at 202-296-3671 or communications@alta.org.