Home Buying in 91362>Question Details

Manny Rios, Home Buyer in 91362

will lis pendens stop title transfer once the property is foreclosed?

Asked by Manny Rios, 91362 Fri Jun 17, 2011

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I wanted to clear up some information. In California it is very rare to see a Mortgage. We are a Trust Deed State. There is no Judge involved in the foreclosure and no judgement involved either. The Trustee has the power to sell the property non - judicially.

In a mortgage there are only two parties, the lender and the borrower and the Lender has to go to court in front of a judge to foreclose. California is not a Mortgage state. Does not mean that mortgages can't exist here, if they do it is going to be rare.

In California we use a Deed of Trust which involves three parties. The Borrower known as the Trustor, The Beneficiary known as the Lender and the Trustee - a third-party that holds the title in trust until the loan is repaid.

The term mortgage is used loosely here in California much like Xerox or Kleenex.

For more information see http://goo.gl/45vnN This link has a detailed article on California Foreclosure Time Frames
Web Reference: http://www.HomeBuysBlog.com
0 votes Thank Flag Link Fri Jun 17, 2011
Manny,

If you are planning to use a Lis Pendens to try and stop a foreclosure (if even possible) or create a cloud on title on a property that is in the foreclosure process, be very very careful. As Barry suggested get advise from an attorney.

I have a couple articles on my Real Estate Blog:

http://goo.gl/JdnOn This link has a detailed Q & A on California Lis Pendens prepared by the California Association of Realtors Legal Department.

http://goo.gl/45vnN This link has a detailed article on California Foreclosure Time Frames

If you are facing foreclosure and looking for options, please fee free to call me as I have experience helping other home owners. My resume is on my Blog at http://goo.gl/YWW6N
Web Reference: http://www.HomeBuysBlog.com
0 votes Thank Flag Link Fri Jun 17, 2011
The Lis Pendens is effectively a notice that their is a lawsuit pending. This will place a cloud on title and may create a situation where title can't be transferred without resolution to the pending litigation or it could be transferred but subject to pending litigation. You need to know what the pending litigation is and what is the possible financial outcome. For instance, if you acquired a property at trustee sale and it had this cloud on title it could cost you a lot of money to clear up or you could settle for a minimal amount. But as with all legal matters, I would contact a Real Estate Attorney and/or Title Company. Try David Quintana in Oxnard (805) 485-5535. He is very knowledgeable and amicable or try Lawyers Title in Oxnard at 805-484-2701 and ask for Jim Ellis. Please tell either of them Jeff Smith from Presidio referred you. Or call me at 805-499-7300 to discuss further. Good Luck
0 votes Thank Flag Link Fri Jun 17, 2011
Property has been foreclosed, Then the judge has ordered the title to change hands you have lost by Foreclosure, that is the Judgement that says you no longer own the house or property. This is a too late situation the lis pendens in this case is already too late, besides it only says you have made a move there is no judgement from your action yet nor will be since the bank has had judgement already. Sorry for your lose!
0 votes Thank Flag Link Fri Jun 17, 2011
Hi Manny ~ The best advice anyone can give you is to seek legal advice from a local CA licensed attorney. Give Carolyn Phillips a call, as she is right here in Westlake Village: http://www.carolynphillipslaw.com/ Good luck with this!
0 votes Thank Flag Link Fri Jun 17, 2011
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