Florida company accused of locking homeowners into 40-year liens withdraws bankruptcy petition

Action News Jax has learned that MV Realty has withdrawn its bankruptcy petition.

We told you about 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.

>>> STREAM ACTION NEWS JAX LIVE <<<

The company has used the liens to strong-arm homeowners into paying them thousands of dollars on the sale of their homes.

Last fall, MV Realty filed for bankruptcy in federal court. Now they have pulled out of the bankruptcy process, our sister station WSB-TV in Atlanta reports.

[DOWNLOAD: Free Action News Jax app for alerts as news breaks]

After investigations by Action News Jax and our sister stations, MV Realty was sued by several State Attorneys General, including Florida Attorney General Ashley Moody.

We are working to see what that could mean for homeowners who still are bound by the company’s 40-year listing agreements.

[SIGN UP: Action News Jax Daily Headlines Newsletter]

Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.