Foreclosure in 91362>Question Details

Manny Rios, Home Buyer in 91362

will filing Lis Pendens after the forecloses stop the title transfer?

Asked by Manny Rios, 91362 Fri Jun 17, 2011

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When you are in default on your mortgage, a Notice of Lis Pendens is usually filed by the bank or mortgage lender that is holding your mortgage. The Notice is filed in the county court in which your home is located and is the start of the foreclosure process.

Once started, nothing will stop the foreclosure process. There are actions that can be taken that can temporarily suspend the process such as bankruptcy. In addition, you can market your home for sale and hope to sell it before sheriff's sale.

You should speak with your attorney to see what actions are available and that you can take to slow up the foreclosure process.
1 vote Thank Flag Link Fri Jun 17, 2011
The term “lis pendens” is Latin for “suit pending.” A lis pendens is filed against a real property to indicate that the title of property is in question, or that some sort of lawsuit involving the property could occur in the near future. When someone files such a notice, it serves as a public notification that the property is involved in a lawsuit. For property buyers, a lis pendens is generally viewed as a turnoff, as this legal notice could devalue the property, complicate the transfer of title, or make it impossible to obtain a mortgage on the property.

One of the most common reasons to file a lis pendens is when a property goes into foreclosure. If a lender feels that a foreclosure will be necessary, the notice forestalls any attempts to sell the property to evade foreclosure, since the legal notice will turn up on a title search. A lis pendens may also be filed if someone feels that he or she has a legal claim to a property title, or in any other circumstances where people want to question the validity of a property title.

So, since title transfers directly to the note holder/mortgage company at the trustee sale, a Lis Pendens will not stop the transfer from mortgagee to mortgagor. It could temporarily delay an immediate future sale, in the event the property sells to a private party at the trustee sale. Seek legal advice from an attorney.
0 votes Thank Flag Link Mon Oct 22, 2012
Dear Manny,

The cost to file a Lis Pendens is not cheap. You certainly need the assistance and advice of a real estate attorney. If the foreclosure has already occurred are you hoping to somehow rescind the sale or are you looking for additional time to remain the home? Either action will only allow you a temporary delay, if any. When you file a Lis Pendens action you are opening up a lawsuit that will cloud the title on the home. But what is your lawsuit based on? Do you have grounds for a Lis Pendens action? What will your argument be and how will it benefit you?

Once the foreclosure sale has occurred the title to the property is sold to either a third party evidenced by a trustee's deed or the title will revert back to the beneficiary. My opinion is that you would be throwing good money over bad as it is highly unlikely that your suit will warrant you continued possession rights to the property anyway.

I realize that you feel as if you are in a desperate situation but it is time to come to terms with the situation as it is and move on. But of course I have few facts regarding your particular circumstances that are better left in the hands of the proper authority on the subject, a real estate attorney. Best of luck to you.

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes Thank Flag Link Sat Jun 18, 2011
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