So don't jump to the conclusion that someone must have done something wrong to have a Lis Pendis filed against them. It was falsely filed against me. Now I have to get an attorney again to get it removed from my records which they should have done anyway. My attorney at the time has passed away. Here I am a disabled person on limited income, and have to find an attorney who will let me pay them out. It's not easy nor is it moral.
Additionally in the state of Texas your homestead is not creditor attachable, but people get away with it with, for those who can't afford an attorney. Clara Caulfield
Although your question is 3 years old I will share what I have learned so that others might see it.
Lis Pendens (The Latin not-withstanding) is a "Legal Term" for "Suit Pending".
When a home enters the foreclosure process the lender files a notice of suit, the Lis Pendens.
The Lis Pendens is a public record, notifying all who may have an interest in the property of the pending lawsuit.
Today many SCAM artists have learned to work the system and advertise that they have information about foreclosures, you can send in some money for the list. DON'T DO IT.
Licensed REALTORS have the most up-to-date information on houses on the market whether or not the foreclosure has been completed.
Lenders seldom if ever want to deal directly with home-owners and will often tell the home owner to get the home listed with a REALTOR. The only real exception is when the lender will take a deed in lieu of foreclosure (just as bad as foreclosure on credit scores).
In Today's market be careful of vacant houses with a "For Sale By Owner" Sign. The new scam is to put up a sign, get called and pick up a quick $100 to $500 from an unsuspecting buyer when the "SELLER" has no right to be selling the house.
Lastly, there are some going around with signs saying "Government Homes" - $100. Also a SCAM. All Government homes are listed with REALTORS, whether they are HUD, VA, Fannie Mae, or Freddy Mac.
Most real estate SCAMS are Felonies in Florida
J.D. "Dan" Weisenburger, GRI
Coldwell Banker Vanguard Realty
I dont see where I misspoke if the LP is cleared at closing it doesnt matter if its 5 seconds or 5 decades it must be cleared before the property can be sold not offered for sale. Certainly being a real estate professional you cant possibly think that I meant it can never be sold. I even wrote supposedly in parenthesis so there would be no misunderstanding and since I just knowingly bought a property with an outstanding LP and had to clear it myself after closing but it looks like I got one anyway.
Furthermore, having 5 years of studying the Latin language, I can tell you that the word pendeo is the base word without the ending. I even looked it up for you to be sure.
pendeo : to hang, depend, be suspended / be uncertain, undecided.
Lis comes from the word liceo which means a sale.
I wouldnt depend so much on wikepedia as anybody can write an article and submit it.
You are referring to the legal meaning of the term. As I said I am speaking of the literal translation from Latin.
ergo- what I said is exactly what I meant to say, no translation is necessary.
Veni vidi vici!
As John said, "Lis Pendens" is Latin for "suit pending" and is filed for any number of reasons that he listed. The most common reason today is due to the homeowner's delinquency on mortgage payments (with HOA payments following close behind).
The homeowner has an 'equity right of redemption" in Florida law which gives the right to redeem the property by bringing all payments, including late fees, attorney's fees and interest, etc., current right up to the sale at the courthouse steps.
If you are seeing listings on Trulia one day and gone the next, the logical reason is that the homeowners have managed to work out a loan modification with the bank or otherwise come current on their payments. I have also seen Lis Pendens filed more than ones on the same home over the course of a year or two but no foreclosure, which tells me the homeowner and the bank have worked out the financials.
Our company has access to some software that not every company or agent has that may be able to solve the mystery of these disappearing listings. Also, we have friends at Trulia whom we could contact to locate to try to track down the listing agent to verify why the listing was removed.
Sharon Alters, CDPE, GRi
Distressed Property Specialist
1. hoa fees not paid
2. contractors for work done on house and not paid
3. property taxes
5. Electric company
6. claims of ownership from prior transactions.
We all knew what you where referring to - the RT homes on here. Drives us all crazy.
how I think Christian might have miss spoke - the sale can go forward, but at the closing table, all these claims will be paid at closing from buyers moneys and the title will be cleared and title insurance issued.
Also I always thought it translated to - "A suit Pending" but unsure about this
Some great answers already. Lis Pendens is the letter that is filed with the court house that the owner of a home will have a law suit against them for failure to pay on their mortgage. This is usually the first step in the foreclosure process. This does not mean that the property is for sale only that the lender is notifiing the home owner that the process has started to foreclose. In Florida this could take several months while in the meantime the home owner can make up payments, negotiate with the lender, list the home as a short sale and other that could cancel the foreclosure action.
I would be happy to speak with you about this process and what it means to a potential buyer. There is no obligation. I can be reached at 571-1358.
All the best
Its realty track wanting you to sign up and pay them some money, to deliver you information that a home may at some later date, maybe come on the market.
Unless you have nothing else to do, stay away form these.
A Realtor has through the MLS all listings that are on the market. If you want to buy a house, find a Realtor- ONE that you like and stick with him.
Lis Pendens basically means that the mortgagee has notified the mortgager that they are beginning foreclosure process. As to whether or not any given property is currently listed for sale or has been listed for sale within our MLS is easy enough to determine.
Some homeowners have had their homes listed while trying to renegotiate their loans with their mortgagee or in hopes of getting a willing buyer and can get the mortgagee to accept a short sale.
If you wish to contact me and provide the addresses that interest you, I'd be happy to assist you in determining the status of those properties and see if the lenders are willing to work with a buyer at this point. Each situation is different so there really is not pat answer as to what the bank may be willing to do at any given point.
Let me know if I can be of assistance.
Simply put Lis Pendens is a notice to the homeowner that the foreclosure process has been started. The homeowner is behind on their mortgage and the bank has started the process. The homeowners however have plenty of time to bring the loan current. These properties probably have not been listed yet and that is why no one can find any info on them. There is a possibility for you to purchase the home but you would probably have to go knock on the door and speak directly with the homeowner. Have you considered looking at any foreclosures or short sales. There are some great deals in these properties as well. If your interested send me a email and let me know what your criteria is. firstname.lastname@example.org
The LP properties may or may not be posted for sale. A licensed REALTOR can help you find the 'listed' properties, which should cut your search time down considerably. Many properties either in foreclosure or headed for foreclosure are listed for sale in the Multiple Listing Service (MLS).
Thank you for your question on Trulia. Lis Pendens is when a lien holder begins the foreclosure process by filing a Lis Pendens in court. This is a formal 'notice of intent to foreclose', which involves the seller directly. As a buyer, it simply means to you that the property you're interested is in distress and headed for foreclosure. Please call with any questions........