MV Realty made more than $18.4 million in early termination fees from consumers. He said that made up 41% of MV Realty’s total revenue.

Judge Farfante also said the company preyed on homeowners. He said they hid and downplayed terms of the agreement. In addition, he also said MV Realty misled homeowners about the obligation to pay 3% of the property’s value when sold.

MV Realty’s Lawyer Tells The Judge His Ruling Is Wrong!

MV Realty attorney John Gekas told Judge Farfante he got the ruling wrong.

“As a practicing attorney, it is never a comfortable position to be in when you appear before a court that that you respect and have to state that a mistake has been made. But that’s exactly the position I find myself in this morning, your honor.”

Gekas had previously told the court:

“We believe the memorandum of homeowner notice -Homeowner Benefit Agreement — is a properly recorded notice under Florida law. They made those decisions for themselves as free citizens of the state of Florida and their decision should be honored and not overruled.”

The Florida AG’s office is seeking restitution for homeowners in the form of financial payments. They also want the court to order MV Realty to clear the public records of all Homeowner Benefit Agreements so homeowners’ titles are clear.

The court is expected to soon decide what penalties MV Realty will face.

This comes as California’s attorney general celebrates a preliminary injunction against MV Realty requiring MV Realty to remove current liens and to stop recording new ones. At least nine attorneys general have files suit against MV Realty and its business practices.