Home Buying in Wilmette>Question Details

Irisheyes, Home Buyer in Wilmette, IL

What does Lis Pendens mean?

Asked by Irisheyes, Wilmette, IL Wed May 9, 2012

Help the community by answering this question:

Answers

12
Don Shea’s answer
literally it means a "lawsuit is pending/has been filed". Essentially, the bank that has the mortgage loan is filing a suit on the property because the homeowner is behind on mortgage payments. This is the first stage of a foreclosure process.

There a many properties with a Lis Pendens but most avert foreclosure by catching up on payments.
4 votes Thank Flag Link Wed May 9, 2012
Lis Pendens also alerts a potential buyer that a lien is on the property and clear title cannot be passed until the issue is resolved.
1 vote Thank Flag Link Tue Feb 26, 2013
Lis pendens literally translates as "litigation pending", meaning proceedings have begun on foreclosure process. This is the official filing that the homeowner is in default on their mortgage payments. It's also known as being in pre-closure. This process can take a very long time. There are two types of foreclosure - deed in lieu of foreclosure (which means handing over the keys to satisfy the debt), and has financial advantages to the homeowner. The second type of foreclosure (technically called judicial foreclosure), which includes court proceedings.
1 vote Thank Flag Link Sat May 12, 2012
Lis Pendens is when a notice is sent to a homeowner essentially notifying them that the foreclosure process has begun.
0 votes Thank Flag Link Tue Feb 26, 2013
I know you are asking this question out of Wilmette Illinois, but I am not sure why.... it says that you
are buying a home in Wilmette, which is a great place to live and I know it well, very well, having helped buyers to buy several homes in Wilmette and the surrounding North Shore.

Lis pendens is a legal term!
A Lis Pendens is the first court filing by the party holding the mortgage on a property to begin the foreclosure process. It will take many months after such a filing for the foreclosure to become complete and many things happen in the meantime! Often enough the home owners can catch up with their payments, agree to other terms with the bank holding the mortgage it always really depends
on the particular financial situation of the home owners.....

Not sure why your wanted to know, but if you need any assistance in finding the right home for you, in your size, your preferred location, age of home etc. etc. and have someone represent your interests and yours only, and negotiate the very BEST terms and price on your behalf feel free
to contact me anytime, free daily listings to your -mail address, I preview homes on your behalf and report back to you and I create time saving 1/2 day and full day homeviewing tours, if enough homes are available.

Hope this helps

Good Luck to you :)
Edith YourRealtor4Life with @properties Chicago offices, Evanston, Winnetka and Lake Fores
working always in the very BEST interest of her clients, buyers and sellers and investors alike
EdithSellsHomes@gmail.com
http://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Thu May 10, 2012
No...that is not what it means. It means the home owner is behind his mortgage payments and now the bank has now began a legal pre-foreclosure process. It is a notice of a lawsuit against the home owner. At this time the loan can be reinstated by paying whats behind and other fees. There is always a way out. I hope this helps. Have a great day. Connie Bernal
0 votes Thank Flag Link Wed May 9, 2012
I was answering Homesand.net in CA.
Flag Wed May 9, 2012
Generally lis pendens refers to a pending suit concerning the title of the property, or a claimed ownership interest; for any additional and necessary legal information, consult with an attorney who specializes in real estate.
0 votes Thank Flag Link Wed May 9, 2012
A Lis Pendens is the first court filing by the entity (usually a bank) holding the mortgage on a property when they wish to begin the foreclosure process. It will take many months after such a filing for the foreclosure to become complete and many times things happen in the meantime to stop it such as the homeowner catching up on payments or selling the home in a short sale.
0 votes Thank Flag Link Wed May 9, 2012
It means Notice of pending legal action. Considerable time may elapse between the filing of a lawsuit and the rendering of a judgement, or other decree. When any suit is filed that affects title to a parcel of real estate (such as an action for specific performance), a lis pendens (or notice of pending legal action) should be recorded to give notice to interested parties, such as prospective purchasers and lenders, that there is a cloud on the title.
0 votes Thank Flag Link Wed May 9, 2012
It means the home is in some stage of foreclosure. That does not necessarily mean it will become a foreclosure sale though. The homeowner still may be able to catch up of payments.
0 votes Thank Flag Link Wed May 9, 2012
Mean, the home is under the contract.
0 votes Thank Flag Link Wed May 9, 2012
No...that is not what it means. It means the home owner is behind his mortgage payments and now the bank has now began a legal pre-foreclosure process. It is a notice of a lawsuit against the home owner. At this time the loan can be reinstated by paying whats behind and other fees. There is always a way out. I hope this helps. Have a great day. Connie Bernal
Flag Wed May 9, 2012
Probably, it is the 'Listing pending'.
0 votes Thank Flag Link Wed May 9, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer