In a foreclosure procedure, in real state,What does it mean to be LIS PENDING?
LIS PENDENS is a legal term that indicates a lawsuit (lis = litigation) is being pursued (pendens = pending) on a piece of property. It is usually recorded with the county in which the property is located, in order to show everyone interested in the house that there is a lawsuit.
For people looking for great deals on foreclosures, this means that the homeowners have missed enough payments that now the lender is suing them for possession of the house.
For lenders that may be able to refinance the loan, a lis pendens is very bad news. It means that there will eventually be a judgment against the homeowners for an unknown amount, and lenders never like not knowing things. In foreclosure, the payoff keeps going higher and higher, due to accelerated interest, late fees, attorney fees, and court costs, so a lender trying to refinance the homeowners will not know exactly what the payoff is from day to day.
Generally, a lis pendens means bad things for homeowners trying to save their homes, as it indicates the bank is taking the property through the court system in order to sell it at sheriff sale. Not every state/county calls the procedure a lis pendens, though, so you might not see it with every foreclosure property you research.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/
October 31st, 2009 at 8:15 pm
Lis pendens is a legal notification of a pending suit.
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October 31st, 2009 at 9:00 pm
It basically means that the bank is about to file suit against you or there is a judgement that may be pending. For example, when a condo owner fails to pay condo fees to the association, they can file a lis pending. This is attached to the property record, so even if you tried to sell the asset, you would need to settle with the association first.
References :
October 31st, 2009 at 9:20 pm
The term is not "lis pending" it’s "lis pendens"…it’s Latin.
In a FORECLOSURE procedure, Lis Pendens means that the foreclosure process has started and a sale is forthcoming.
Lis Pendens, in itself, does not necessarily automatically mean a foreclosure, just a "suit pending".
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October 31st, 2009 at 9:41 pm
LIS PENDENS is a notice of pending litigation or a recorded notice
that a lawsuit is pending, the outcome of which may affect title to
property.
References :
October 31st, 2009 at 10:26 pm
LIS PENDENS is a legal term that indicates a lawsuit (lis = litigation) is being pursued (pendens = pending) on a piece of property. It is usually recorded with the county in which the property is located, in order to show everyone interested in the house that there is a lawsuit.
For people looking for great deals on foreclosures, this means that the homeowners have missed enough payments that now the lender is suing them for possession of the house.
For lenders that may be able to refinance the loan, a lis pendens is very bad news. It means that there will eventually be a judgment against the homeowners for an unknown amount, and lenders never like not knowing things. In foreclosure, the payoff keeps going higher and higher, due to accelerated interest, late fees, attorney fees, and court costs, so a lender trying to refinance the homeowners will not know exactly what the payoff is from day to day.
Generally, a lis pendens means bad things for homeowners trying to save their homes, as it indicates the bank is taking the property through the court system in order to sell it at sheriff sale. Not every state/county calls the procedure a lis pendens, though, so you might not see it with every foreclosure property you research.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/
References :
June 22nd, 2011 at 9:44 am
Great stuff. I’m a real estate agent in Jacksonville, FL myself and am lucky to have been able to stay in the business the last few years. More than HALF of the agents out there have left the business over the last few years.