One of the legal terms that foreclosure owners often foreclosure is pendens bed . They can first learn about the term when they are trying to refinance their home and the mortgage broker refuses them because of this type of document being filed against the property. If a lis pendens has been filed, it will appear with the county register as a document affecting the title.
A lit pendens does not stop or prevent foreclosure at all, as it is simply a document serving notice to any other party that researches the particular property affected by the document. In most cases an owner on the mortgage payments, the lender's lawyers will file the original foreclosure lawsuit with the court and a lis pendens will be sent to the clerk's or registrar's office to indicate that A particular property
The term lit pendens is Latin for "ongoing litigation," and the lawsuit to which it refers is the legal process of foreclosure. If the lender did not sue for the property to be sold for payment of the outstanding mortgage loan, this document would never be filed in the first place because no lawsuit would be pending.
In fact, a lis pendens specifically indicates that the property is facing foreclosure, and the document will show anyone, such as a title company or prospective lender of foreclosure refinancing, research on the property. real estate that he is involved in a lawsuit. Thus, lis pendens is meant to mean foreclosure; it does nothing to prevent foreclosure, but it does not affect the owner's ability to save his home.
The most commonly used legal mechanism to prevent foreclosure is to file a bankruptcy with the court, and this only puts the process on hold while the creditor and the debtor go out of business. 39, agreement to negotiate a debt settlement.
Homeowners may also consider getting rid of the lis pendens affecting their home. by establishing a defense against the lawsuit that led to the foreclosure process. This is a direct defense of litigation, however, not an additional legal process like bankruptcy that can be used to put the lawsuit on hold.
If lit pendens is filed with the county registrar against a piece of property, this indicates that the house is already in a certain phase of the foreclosure process. The owners are no longer at the stage of preforeclosure, or just behind in payments. At this point, foreclosure can not be avoided because it is already being pursued by the lender and his lawyers – it must be stopped, and homeowners must begin to set up a realistic plan and look for different ways to stop foreclosure, such as a mortgage modification, repayment plan, home sale, or bailout loan.