MV Realty files for bankruptcy amid investigation of accusations of deceptive practices

RALEIGH, N.C. (WTVD) -- New details into a company ABC11 Troubleshooter has been investigating.

The company, MV Realty is accused of tricking homeowners into signing deceptive contracts. Friday, Troubleshooter learned the company has filed for bankruptcy.

The voluntary bankruptcy petition comes while MV Realty is facing suit by several attorney generals, including here in North Carolina.

ABC11 first told you about the company and its practices last year.

MV Realty pays you as low as $300 for the exclusive right to sell your home for 40 years. After our investigation, North Carolina Attorney Josh Stein filed a lawsuit against MV Realty and a judge has ordered the company to temporarily halt its services here in the state.

Besides this action, the Unfair Real Estate Agreement Act became law here in North Carolina, which prohibits agreements such as MV Realty's.

While the company has said it's paused its Homeowner Benefit Program, members of Congress are stepping in to ask what happens to those customers who still have deals with MV Realty.

As for the bankruptcy, MV Realty did not get back to us for comment.