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MV Realty Homeowner Benefit Agreement liens

  • 1.  MV Realty Homeowner Benefit Agreement liens

    Posted 06-22-2022 15:54

    Has anyone looked into these MV Realty "liens" or are you all familiar with them ?

     

    Why is this contact with a homeowner not a direct RESPA Section 8 violation as an inducement to do business with a 40 year lien placed ?

     

    Charlie Gray

    Vice President

    Surety Land Title Inc

    5909 Airport Blvd

    Mobile, Alabama 36608

    251.343.4200

    [email protected]

     

    Sent from Mail for Windows 10

     

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  • 2.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-23-2022 01:25
    I've actually done a deep dive on these agreements here in North Florida. So far, no judgment has been rendered by our courts in favor of, nor against MV Realty, although there have been multiple suits. Our courts appear to be treating the agreements much like a mortgage or junior lien as to judicial foreclosure process. As to inducement, I've not seen that argued as of yet. 

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  • 3.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-23-2022 08:30
    Edited by Daniel Lutz 06-23-2022 08:30
    Hi, Charlie. First American is aware of these agreements. MVR is registered to do business in almost every state so it's a nationwide issue. The enforceability of these agreements is somewhat questionable and I'm curious to see if state AGs or the CFPB become involved at some point. As Jim noted, there has been litigation to enforce the agreements though most matters have settled realtively quickly. For that reason, I'm not aware of any courts ruling on the enforceability of these agreements but it's something to keep an eye on. For insuring purposes, we are treating them like any other lien or mortgage and calling for release or termination in the commitment.

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    Daniel Lutz
    Underwriting Counsel
    First American Title Insurance Company

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  • 4.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-23-2022 13:11
    Yes, we have here.  I actually spoke to an attorney that represented a homeowner against MV Realty.  I found out about the case through a news story.  So many issues with these liens and I am surprised there has not been more of a push back.  These guys are horrrible.  They package these payouts to homeowners that need "quick cash".  It really looks like a loan based on their website.  I would love to see this company get into trouble.  The back story on the people involved in this scheme is very interesting and I will not go into it here.  We had a file in our office and ended up paying these guys because the seller needed to sell and did not want to lose the closing over it.  Typical situation.

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    Tricia Smith
    T. Smith Law Group, PC
    Conyers GA
    +1 (770) 922-0120
    ------------------------------

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  • 5.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-27-2022 20:34
    If you would like to seriously do some good, then please feel free to contact me. I have been going back and forth with replying to the group for a couple of days in regard to MV Reality. about this, but sadly I know how, and what type of borrower they are looking for, and the criteria a borrower has to fit in, and it's downright unprofessional, and appalling as a fit to extend what they call their offer to be approved for their program. It's a joke, and it made my skin crawl. I worked for their main office home office out of  Bocoa Raton FL as a Title Examiner, and I would have felt more professional working at McDonalds. 


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    Marie Craig
    RAS Crane, LLC
    Sparks GA
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  • 6.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-28-2022 09:10
    Marie, did you see the comment from Elizabeth Blosser (ALTA) on this thread? It sounds like you have the exact information that ALTA is looking for in their research of MV. 

    I applaud you for speaking up about this!

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    Tiffany Robertson
    Director of Operations
    Balvenie Title
    Rochester Hills MI
    248-267-3080, ext. 7103
    Serving Michigan and Illinois
    ------------------------------

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  • 7.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-29-2022 19:59
    Yes, I apologize for the late response I have been working my hardest to pull any all info I have.

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    Marie Craig
    RAS Crane, LLC
    Sparks GA
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  • 8.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-23-2022 14:11
    This is the first I've seen this, but it looks like MV Realty is new to Maryland and only operating in one county.  From what I can find, they have recorded about 3-4 of these since February 2022.  I have actually forwarded this to our State regulators for them to issue an opinion.  But, keep in mind that Maryland consumer protection laws are some of the toughest in the country.

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    Nancy L. Gusman, Esq., CLTP, NTP
    GusmanLegal, LLC
    Beltsville, MD
    (301)563-9669
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  • 9.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-24-2022 09:55
    Good morning!

    These were discussed at SLRAC.  Can you send copies of the recorded agreements to Steve Gottheim ([email protected]) and Elizabeth Blosser ([email protected]) for us?  They are gathering information. Please also let them know if you would like to assist in a work group to review and address the situation.

    Elizabeth Berg

    ------------------------------
    Elizabeth Wysong Berg ITP, NTP
    VP for Education and Training
    FNF Family of Companies
    Jacksonville FL
    +1 (317) 432-6457
    ------------------------------

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  • 10.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-24-2022 12:41
    We are gathering information and data about these agreements.  Please email [email protected] with any of the following information:
    • examples of agreements being recording
    • data on the volume of recordings in  various states/jurisdictions/neighborhoods (for example, are certain zip codes targeted)
    • information on how agreements are marketed
    • demographic data of homeowners having these agreements recorded on their property


    ------------------------------
    Elizabeth Blosser
    Vice President of Government Affairs
    American Land Title Association
    Washington DC
    +1 (202) 296-3671
    ------------------------------

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  • 11.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-28-2022 07:01
    I haven't seen any of these show up in my area of Texas yet, and may not, as the home equity rules in Texas are very rigid. Can someone explain a little more about these agreements-what they are supposed to pay and/or what service or product they deliver?  Thanks.

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    Cathy Clamp CTIP, NTP
    Escrow Officer
    Heart of Texas Title Co., LLC
    Brady TX
    +1 (325) 597-0796
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  • 12.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 06-29-2022 20:02
    You won't.  They are scared to touch the state even though that was one of the main reasons their hired me. I figured out real quick they don't even know how to just search it.

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    Marie Craig
    RAS Crane, LLC
    Sparks GA
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  • 13.  RE: MV Realty Homeowner Benefit Agreement liens

    Posted 07-08-2022 13:30
    Hi all. Though they are still being recorded here in Duval County, MV Realty appears to have gotten a bit sloppy with the execution. The most recent memorandums are being executed on behalf of MV Realty by parties purporting to be (as stamped) "POA for Amanda Zachman", and the notary has noted the identification of the signatory as "((person)), POA for Amanda Zachman, officer for MV Realty for Florida". I find no recorded Power of Attorney of record in my county. Also, though I'm not an attorney, I would reject this instrument as a bona fide document in the chain of title for failure to properly identify the signatory's authority to sign on behalf of the corporation. You can't just delegate the authority vested in you by virtue of a corporate resolution or other means of authorization. And "officer for MV Realty" doesn't quite cut it as to whether said officer may sign on behalf of said corporate entity absent attestation of the Secretary, absent corporate seal, and absent witnesses. The notary also fails to mark, clearly, whether the signatory is personally known or has provided identification.

    Jim Moody
    Encore Title Services, LLC
    2638 Rosselle Street
    Jacksonville, FL 32204
    (904) 619-6360
    [email protected]

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    Jim Moody
    Owner
    Encore Title Services, LLC
    Jacksonville FL
    +1 (904) 619-6360
    ------------------------------

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