ALBANY, N.Y. (NEWS10)- A federal court could approve more than $3.75 million to be paid by Vision Property Management, LLC as well as the company’s CEO and affiliated companies to New York consumers that used the company to buy houses, according to a press release from the New York Attorney General’s (AG’s) office.
In the original lawsuit filed in Aug. 2019, the AG’s office claimed Vision Property Management and multiple affiliates engaged in illegal home loan practices throughout the state, that violated the Consumer Financial Protection Act of 2010.
The agreement involves the transfer of 58 homes in N.Y., including properties in the Capital Region, to current Vision Property Management consumers without any further payments to the company.
The AG’s press release said the company in some cases sold severely dilapidated homes with high interest rates to some of N.Y.’s most vulnerable populations like single parents, the disabled, elderly and those living on a fixed income.
Homes sold by the property management company had mold/asbestos problems, foundation damage, water damage, faulty electrical wiring, rotted out floors/windows/roofs/walls, in addition to other significant repairs, according to the AG’s press release. This was on top of inflated interest rates of between 10-25%.
A list provided by the AG’s office revealed that the property management company conducted more than 100 illegal transactions in N.Y., 27 of those transactions occurred in the Capital Region.