Mortgage Getting Called in During Recession

[Sam Zawatsky]

What are your experiences or knowledge about the potential of mortgages getting called in during a recession? I was informed by a family member that someone they knew had a mortgage called in on one of their investment properties in 2009 (meaning that the lender sent them a notice that they must immediately pay their remaining entire principal balance , or go into foreclosure). Is this a real possibility, and something to consider when looking into purchasing / cash out refinancing this year? There has been the consistent threat of a market crash, and while I'm not so concerned with the housing prices, I am concerned about the possibility of not being able to get a cash out refinance mortgage with under a 7 percent interest rate on BRRRR properties or getting my existing mortgages called in, causing foreclosure or bankruptcy. Any thoughts?