Update on MV Realty
Remember the company that was filing ‘Memorandum of Homeowner Benefit Agreements” to encumber real estate for 40 years?
After several lawsuits, criminal investigations, and states passing laws banning the practice, MV Realty has filed for Chapter 11 bankruptcy.
In Georgia, after January 1, 2024, the Memorandums will have no effect on title and can be ignored in a title search.
It’s not clear what will happen to the existing claims that MV Realty has on thousands of individual homes as a result of the bankruptcy filing.
A Chapter 11 filing allows a company to continue doing business as it restructures its debts. This does not mean that MV Realty is completely out of the picture, though.
John C. Bennett is a real estate closing attorney and owner of Origin Title and Escrow, Inc.. Since 2003, Origin Title has handled real estate transactions – purchases, refinances, reverse mortgages – quickly and professionally. There will be no surprises, nothing misunderstood. Title searches are thorough and well-reasoned, to avoid unpleasant surprises later down the road. Calculate your closing costs in Georgia or Florida using our calculator or contact Origin Title using this form.