What Does a Lis Pendens Mean in the Foreclosure Legal Process?
One of the legal terms that homeowners in foreclosure often encounter is lis pendens . Initially, they can find out about the term when they try to refinance their home and the mortgage agent rejects them due to this type of document filed against the property. If it has been submitted lis pendens it will be shown with the county recorder as a document affecting the title.
A lis pendens does not stop or avoid foreclosure at all, as it is merely a document that notifies any other party that is investigating the particular property affected by the document. In most cases of an owner who is behind on mortgage payments, the lender's attorneys will file the initial foreclosure complaint with the court and lis pendens will be sent to the clerk's or registrar's office. county to indicate that a particular property is in the process of pending litigation.
The term lis pendens is in Latin "pending lawsuit", and the lawsuit referred to is the legal process of foreclosure. If the lender was not demanding that the property be sold for the payment of the defaulted mortgage loan, this document would never be filed in the first place, since no judgment would be pending.
In fact, a lis pendens specifically states that the property faces a foreclosure, and the document will show any person, such as a title company or a possible lender of refinance foreclosures, to investigate that the property is involved in a lawsuit. Then, lis pendens is meant to signify foreclosure; It does not do anything to avoid foreclosure, but it does not affect the owners' ability to save their home.
The most commonly used legal mechanism to stop foreclosure is filing bankruptcy in court, and even this only puts the process on hold while the creditor and the debtor reach an agreement to negotiate a debt agreement.
Homeowners may also consider disposing of lis pendens that affect their 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 such as bankruptcy that can be used to suspend the trial.
If lis pendens is filed at the county recorder against a portion of the property, this indicates that the home is already at some stage of the foreclosure process. Owners are no longer in the preforeclosure stage or are simply behind in payments. At this point, foreclosure can not be avoided, as the lender and its attorneys are already looking for it: it should stop, and homeowners should begin to put together a realistic plan and investigate various ways to stop the foreclosure, such as a mortgage modification , payment plan, house sale, or a mortgage rescue loan.