What is a lis pendens and what should I do when I get one?
Lis pendens is a notice lenders use when they are starting a foreclosure suit. The lis pendens puts the public on notice that a lawsuit is pending and clouds the title so the property can't easily be sold. If you've received a lis pendens after missing a few mortgage payments, time is up and you will need to take action soon to avoid a foreclosure.
You still have options to save your home, and may in fact be in the middle of a loan modification application right now, but that may not stop the foreclosure suit from commencing. Unless you have a solid plan to repay the entire back due sum, it's time to start thinking about selling before all your equity is gone.
WHAT TO DO NEXT
GET A PAYOFF STATEMENT
The balance on your mortgage will quickly start growing once you start missing payments, and especially once legal fees start accruing. Find out the total owed on the loan by requesting this document.
CONTACT A REALTOR
If you've decided you do not wish to keep the home, or you've been denied for a loan workout, it's time to get the property on market and get it sold before it forecloses. You will want a Realtor that has plenty of experience in the foreclosure process.
It's time to get a plan together to avoid losing your home to foreclosure!
We've been helping homeowners with foreclosure problems since 2008! Even if you have no equity, we can still help you avoid foreclosure and sell your home!
Last Updated on August 7, 2023 by Minna Reid