Lis Pendens Foreclosure: When Is It Used & How Does It Work?
A Lis Pendens foreclosure is a legal procedure used to protect the rights of parties involved in real estate transactions. To understand how and when it should be used, it is important to learn about the details of this legal action.
When filing for a Lis Pendens foreclosure, one party must file a written notice that informs all interested parties that they have initiated a lawsuit against the owner of a certain property. This notice also includes information on why they are initiating the suit and what their claims are in regards to ownership or control of said property. The main purpose of such an action is to give public notice that there is some sort of dispute over the title or possession of a given property. It also serves as an effective way for creditors to protect their interests in cases where an owner has defaulted on payments or owes back taxes.
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