Bankruptcy partner John Woodman was recently interviewed for a WSOC-TV article covering the Chapter 11 bankruptcy filing of MV Realty.
MV Realty Company earned press last year for offering fast cash to homeowners – thousands of dollars in some cases – with no interest or fees. To receive the cash, homeowners only had to sign a contract, saying that if and when they sold their house in the next 40 years, it had to be through MV Realty.
Now, the company is filing bankruptcy in an effort to keep the business afloat. But homeowners who signed the agreement with MV Realty are worried about how this will affect them.
John was interviewed regarding how this process will likely proceed: “If this was Chapter 7—and MVR was going out of business—that would be one thing. But since it’s Chapter 11, MVR stays in business, at least for now.-It’s safe to assume MVR is going to hold the homeowners to the contracts.”
Read the full article here.