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.
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.
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