One of the legal terms often encountered by homeowners in foreclosure is lis pendens. They may initially find out about the term when they try to refinance their home and the mortgage broker rejects them due to this type of document filed against the property. If a lis pendens has been filed, it will appear in the county recorder as a document affecting title.
FOR lis pendens it does not stop or prevent foreclosure at all, as it is simply a document notifying any other party who is investigating the particular property affected by the document. In most cases of a homeowner behind on mortgage payments, the lender’s attorneys will file the initial foreclosure lawsuit with the court and a lis pendens it will be sent to the county clerk or recorder’s office to indicate that a particular property is in the process of pending litigation.
The term lis pendens In Latin it means “pending lawsuit” and the lawsuit to which it refers is the legal process of foreclosure. If the lender was not suing for the property to be sold for the payment of the defaulted mortgage loan, this document would never be filed in the first place as there would be no pending lawsuit.
In fact, a lis pendens It specifically indicates that the property is facing foreclosure, and the document will show anyone, such as a title company or potential foreclosure refinance lender, investigating the real estate that is involved in a lawsuit. So he lis pendens it is meant to spell foreclosure; it does nothing to prevent foreclosure, but it does not in itself affect a homeowner’s ability to save their home.
The most commonly used legal mechanism to stop foreclosure is to file for bankruptcy in court, and even this only puts the process on hold while the creditor and debtor reach an agreement to negotiate debt settlement.
Homeowners may also consider getting rid of the lis pendens affecting your home by mounting a defense against the lawsuit that has led to the foreclosure process. However, this is a direct defense of the litigation, not an additional legal process like bankruptcy that can be used to stay the lawsuit.
If a lis pendens is filed with the county recorder against a property, this indicates that the house is already in some stage of the foreclosure process. Homeowners are no longer in the pre-foreclosure stage, or simply behind on payments. At this point, foreclosure cannot be prevented, since the lender and their attorneys are already carrying it out; it must stop, and homeowners must begin to develop a realistic plan and investigate various ways to stop foreclosure, such as a mortgage modification. , payment plan, home sale, or a foreclosure loan.