Lis Pendens Foreclosure: When Is It Used & How Does It Work?
Lis Pendens Foreclosure is a legal procedure which allows a lender to begin foreclosing on a piece of property as soon as the borrower defaults on their mortgage payments. A Lis Pendens Foreclosure is also known as an action for foreclosure and is most commonly used when a borrower fails to make payments on their home loan, although other types of debts can be subject to this type of foreclosure.
The Lis Pendens Foreclosure process begins with the filing of a public notice, called the “lis pendens” or “notice of pending action”. This document informs anyone who may have an interest in the property that there has been some form of default by the borrower and that foreclosure proceedings are about to begin. The lis pendens also serves as an official notification that all further attempts at negotiating repayment should cease, given that foreclosure proceedings have already begun.
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