Recent media reports have suggested that the FHFA, Fannie Mae, and Freddie Mac will start to take severe legal action against strategic defaulters. But are mortgage cops really going to chase down these individuals with the goal of locking them up?
With frustration levels high as buyers and sellers navigate short sales and REOs, the chance of getting snagged in a lawsuit is higher than it otherwise might be. Even if you aren’t personally named in a legal action, you could be subpoenaed to answer attorneys’ questions in a deposition if you had a role in a transaction gone bad. Before you’re deposed, here’s what you need to know.