Real Estate Agents
MV Realty of New JerseyAbout
Important information
- Pending Government Action:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Order to Show Cause
NEWARK —June 6, 2023 Attorney General Matthew J. Platkin and Department of Banking and Insurance Commissioner Marlene Caride today announced action being taken against MV Realty together with their principals Amanda J. Zachman f/k/a Amanda J. Zuckerman, David Manchester, David Reiner, and Antony Mitchell a/k/a Tony Mitchell (collectively with MV Realty, “Defendants”). The Office of the Attorney General and the New Jersey Division of Consumer Affairs have filed a complaint alleging MV Realty deceived customers and made misrepresentations regarding its “Homeowner Benefit Program” (“HBP”). More than 1,250 New Jersey homeowners have fallen victim to the company’s alleged scheme. The Department of Banking and Insurance has filed an order to show cause with the New Jersey Real Estate Commission alleging similar misconduct and taking action against the real estate licenses of the company and certain related individuals.
According to the complaint, filed in the Superior Court Chancery Division in Essex County, MV Realty and its principals marketed the HBP to consumers as a low-risk opportunity to obtain quick cash, between $300 and $5,000 in payment upfront, in exchange for the consumers giving MV Realty the right to serve as their real estate agents if they decide to sell their homes in the future. Defendants represented that their product was not a loan and told homeowners they had “no obligation” to repay MV Realty or to ever sell their home in the future. However, the HBP operates as a high-interest mortgage loan that gives MV Realty the right to list a property for 40 years, survives the homeowner’s death, and levies an exorbitant early termination fee against homeowners.
The complaint alleges that MV Realty, which is not registered as a telemarketer in New Jersey, sells the HBP by making unsolicited telephone calls to homeowners that are facing financial pressures and in need of additional cash.
Business Details
- Local BBB:
- BBB Serving New Jersey
- BBB File Opened:
- 3/1/2022
Additional Contact Information
- Principal Contacts
- Mr. David Reiner, Realtor
- Customer Contacts
- Mr. David Reiner, Realtor
Additional Information
- Business Categories
- Real Estate Agents
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