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LIS PENDENS
Although Lis Pendens, which literally means law suit pending, is a formal notice by a lender of the intention to foreclose, at this stage the owner still has possession and may sell. For this reason these sales are often more urgent than true Repo Properties, and may offer better value that Reo Homes. Should you find nothing of interest among these, then also take a look at our substantial lists of Reo Homes on our Reo Listings – just because a property already appears on Foreclosure Listings doesn't mean that Foreclosed Homes are not equally good value when compared to Lis Pendens real estate. This website is a great place to search before you buy. As you explore our services you'll find that buying and investing with us is the easiest way to find cheap property in which to invest. Right now you'll find great bargains among our Bank Owned Homes and Government Foreclosures – the Bank Foreclosures and other Foreclosed Homes on www.mostlyforeclosures.com really do represent best value in Foreclosure Homes nationwide.
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What is Lis pendens
Lis pendens is a Latin word, which literally stands for "suit pending". In other words, it is a public notification of a pending lawsuit or case in the superior court, against the real property, or the owner of a property in question. Lis pendens or lis pend is a part of pre-foreclosure process, which is lodged after the occurrence of a default by an attorney or trustee, wanting to start the foreclosure litigation. If the claimant is able to legally prove his/her case vis-�-vis the disputed property, the notice safeguards the claimant's right to the disputed property, in the event of any of its deals, such as encumbrance, mortgage, or even sale.
The commonest reasons to file a lis pendens against a property are:
- Imminent foreclosure - When you receive a lis pendens notice, it indicates that the lender is about to foreclose the property in question. Owing to this, any future transactions that you might want to do against that property would be forestalled.
- Claiming legality - Lis pendens is also filed to claim legal ownership rights on a property.
- Legality of property title - It also covers up for the cases in which the legality of a property title is doubtful.
Lis pendens is mostly filed in the county property records office.
Lis pendens is meant to inform all the parties, especially its lender and the prospective buyers, associated with the disputed property that it has been litigated and its title has a legally uncertain status.
- Sales allowed - Lis pendens does not forbid the foreclosure of the controversial property. It can still be sold with the lis pendens on file, except for the constructions or additions made after the suit was filed.
- Complicated selling - Though allowed to sell, lis pendens however, manages to complicate the selling procedure. Therefore, it is always advisable to avoid property, mired in judicial proceedings.
- Property title - Lis pendens affects the title of the property, until the issue is settled and the lis pendens is cancelled.
- Financing - The property with a pending lawsuit may prevent the lenders from lending money.
- Insurance - The Insurance companies may not insure the title to a litigated property.