Real Estate Company Accused of Preying on Philadelphia Homeowners, Part 1

The Perfect Scam

AARP

True Crime, Aarp, Fraud, Society & Culture, Scam, Crime, Bobsullivan

4.5 • 980 Ratings

🗓️ 28 April 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Homeowners all over Philadelphia are being inundated with ads for MV Realty’s Homeowner Benefit Program on social media, through robocalls, and some people even receive a knock on their door. The pitch is simple: Get a quick cash payment in exchange for a promise to use MV Realty as their real estate agent if they decide to sell their home in the future. Many homeowners say they were never informed that the contract is for 40 years and MV Realty can take out a mortgage on their home.

Transcript

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0:00.0	This week on The Perfect Scam.
0:04.0	None of them understood that they were entering into a 40-year contract,
0:08.0	that they were signing a mortgage, that they would be on the hook for paying a fee for any transfer even if he had nothing to do with the transaction.
0:18.5	Everything about my house come with their name attached to it if they are my bankers.
0:25.0	It was so scary I had to call my bank to make sure I still had the banker system that I had in that I owned that house.
0:32.0	That's how scary it was.
0:34.0	Welcome back to the perfect scam. I'm your host Bob Sullivan. Timothy Calhoun worked in
0:45.2	construction for his entire career and he's managed to fix almost everything
0:51.1	and anything during his life. Everything except everything except, well, the day the city clerk called him to say,
0:58.0	someone else had a mortgage on his home, and the same thing was happening all over Philadelphia, and as
1:06.0	we'll learn today, all over the country, really. But we begin our story in the city of
1:12.1	Brotherly Love.
1:15.6	You're a retired builder, is that right?
1:17.8	That's correct.
1:19.1	Tell me some of the stuff that you worked on.
1:21.1	I actually could do complete renovations of houses. That was my whole
1:26.0	career. My employer would give me keys to a property that needs a complete
1:30.1	renovation and I will go in and give it a complete renovation. I can get my keys back.
1:36.0	Do you do everything?
1:38.0	That's amazing. You must be pretty handy.
1:42.0	I'm pretty good with a haremen. That's amazing. You must be pretty handy.
1:45.8	I'm pretty good with a hammer school driver.
	...

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