One of the legal terms that the homeowners in foreclosure often encounter is lis pendens . They can initially find out the term when trying to recapitalize their house and the mortgage broke them down because of this type of document submitted to the property. If lis pendens has been submitted, it will appear with a county author as a document affecting the title.
A lis pendens does not stop or prevent blocking at all, as it is a strict document that displays a notice by another person who is investigating a particular asset that affects the document. In most cases the homeowner who is in receipt of mortgage payments, lenders will submit an original ruling to the court and lis pendens will be sent to the district commissioner or recorder & # 39; s office to indicate that a particular asset is running pending proceedings.
The term lis pendens is a Latin for "Lawsuits Pending" and the lawsuit it refers to is a legal process of foreclosure. If the lender did not sue that the property would be sold for payment of mortgage lending, this document would never be filed in the first place, as no lawsuit would be pending.
In fact, pendens specifically states that the property is facing foreclosure and the document will show someone such as a title company or prospective refinancing of a lender to investigate real estate involved in a lawsuit. So lis pendens is alleged to mark foreclosure; it does nothing to prevent blocking, but it does not affect homeowners & # 39; ability to save his home.
The most common legal instrument that would stop foreclosure is bankruptcy proceedings at the court and even this only puts the process on hold while the creditor and the debtor agree to settle the debt settlement.
Homeowners may also wish to disregard the lis pendens that affect their homes by defending the lawsuit that has led to the foreclosure of the process. This is a direct defense of the lawsuit, but not an extra legal process such as bankruptcy that can be used to put the case on hold.
If lis pendens is filed with a County Recorder, this indicates that the house is already at some stages of the process foreclosure. Homeowners are no longer in the precaution or only behind payments. At this point, you can not foreclosure in advance, as it is already practiced by the lender and its lawyers – it must stop and homeowners need to start compiling a realistic plan and explore various ways to stop foreclosure such as mortgage changes , repayment plan, sell house or lending bailout loan.
Source by Nick Heeringa