Fannie Mae and Freddie Mac Lawsuit

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Fannie Mae and Freddie Mac Lawsuit – Who Are Entitled to Money Received Due to Foreclosure?

The lawsuits against Freddie Mac and Fannie Mae are heading towards a class-action suit due to fraud. This class-action suit would give you an opportunity to come up with your own lawsuit against the fraud and get some form of settlement from the fraud. Read on to find out more about the lawsuits against Fannie Mae and Freddie Mac.

You see, these lawsuits were sparked by the loss suffered by millions of American homeowners during the subprime mortgage crisis.

The crisis supposedly began when Fannie Mae and Freddie Mac lost billions of dollars in credit default bids on houses that had been guaranteed by the federal debt. So basically, the government put its hand into the financial mix, which is bad because it invites lawsuits. The lawsuits could be very profitable for you.

Now, since this whole situation has been going on for quite some time, many people are getting laid off their jobs as well as having their homes foreclosed upon.

Add to that the number of shady deals that went down and you’ve got a lot of lawsuits coming your way. You can take advantage of the mess that’s been created, and you may be able to walk away with money to help with your defense. When you have an attorney by your side, this is one less thing that you have to worry about while you wait for the lawsuits to end.

If you don’t already have an attorney, but are interested in getting one, you have some great options.

You can go for a no win no fee arrangement, where the attorney will recoup all of his or her costs from the settlement, or you can try a contingency fee arrangement, in which the attorney only recovers his or her costs if you win your suit. Whichever type of arrangement you go with, you should keep in mind that without an attorney, you won’t get nearly as much money as you would with one.

As for what you should do once you win the lawsuit, there are two things you can do.

The first is simply to follow the process outlined by the complaint. It doesn’t hurt to ask for additional information from the opposing party, or to gather up documents for depositions, but it’s basically just a matter of collecting the evidence and putting together your case. If you’re worried about losing any money in the process, you might want to consult with a foreclosure lawyer so they can review your case and give you advice about what to do next.

The other option is to turn your attorney down.

You’ll need to provide proof that you can’t afford the settlement, which means you’ll need to show your financial records to your attorney. If they’re unable to give you a reasonable answer, the case will probably be denied and you’ll lose the chance of receiving much of the money that would help with your defense. The downside to this is that often Fannie Mae and Freddie Mac lawsuits result in a loss of a lot of money, especially if the foreclosure lawsuit was initiated by the bank itself. If your attorney is unsuccessful, the company is not likely to offer an amount that’s worth losing.

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