Foreclosure in 32927>Question Details

Ducss, Home Buyer in Brevard, NC

How do I purchase a home that is Lis Pendens? Can I pay off the remaining loan value and assume title ?

Asked by Ducss, Brevard, NC Mon Jan 26, 2009

I'm very interested in 2 properties that are listed as Lis Pendens. I would like the opportunity to purchase these homes before they go to auction. Who do I contact, how do I begin? Thank you

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Good Evening. The below infos is quite good. To sum up Lis Pendens does not allow a buyer any additional power to buy if the seller does not want to sell. The property you are looking at is a short sale and is now under contract.
Now lets get to what you want. Was it that particular home to live in or are you interested in buying a property that offers you value?
Contact me so I can better understand what exactly you are looking for, when you wish to purchase, what your price parameters are, how you will be financing/paying for the property, etc...
I look forward to speaking with you.
0 votes Thank Flag Link Mon Jan 20, 2014
Sorry heres the link
Best Regards

Paul Whitehouse.
Web Reference:
0 votes Thank Flag Link Mon Jan 26, 2009
The first property you are interested is a "Short" sale home listed at $179,900 and I have included a link below with the all the homes details. To purchase this home you will need to pre-qualify for financing and some money for a deposit (Possibly 20% depending on your circumstances etc) and then you can make an offer. You will not be able to pay off the $25K and assume title because this is probably not the full debt on this home . I hope this helps and if you could ask another question with the second homes details I will research that one for you as well and reply to any futher questions you may have.
Best Regards

Paul Whitehouse.
Web Reference:
0 votes Thank Flag Link Mon Jan 26, 2009
Lis Pendens ~

Lis pendens is Latin for "suit pending."[1] This may refer to any pending lawsuit or to a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded. This notice secures a plaintiff's claim on the property so that the sale, mortgage, or encumbrance of the property will not diminish plaintiff's rights to the property, should the plaintiff prevail in its case. In some jurisdictions, when the notice is properly recorded, lis pendens is considered constructive notice to the other litigants or other unrecorded or subordinate lienholders. The term is sometimes abbreviated as "lis pend".

In current practice, a lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the lawsuit.

A foreclosure will wipe out a lis pendens, unless the mortgage or other lien which is being foreclosed was created after the suit was filed. ~ Wikipedia

You could possibly pay-off the remaining loan balance(s) and take title. The real issue is, as Myke explains very nicely- is that the Lis Pendens that you see- a VERY low number, may be a second loan, mechanics lien, past due HOA fees, etc.

The actual amount of the loans are usually much higher!

A huge deception are those county obtained data sites- they do not deliver the entire picture!
0 votes Thank Flag Link Mon Jan 26, 2009
Lis Pendens is the beginning of a foreclosure process and many things can happen. The owner still has the opportunity to keep their home. I have never heard of anyone contacting the lender, paying the balance and assuming title. If this ends up a short sale you need the help of a professional. Find a good local Realtor and put them to work for you.
0 votes Thank Flag Link Mon Jan 26, 2009
First of all, you need to understand what lis pendens is. A lis pendens is filed by a lien holder to collect money owed. This lien can be filed by any number of parties in a transaction. It is the FIRST step before a foreclosure proceeding to collect money is started. Therefore, if the owner ultimately satisfies the delinquent payments, the "lis pendens" is satisfied. The problem with many websites is that they automatically upload information from county records indicating a "lis pendens" on a property, but do not take it off in a timely manner. It also gives a potential buyer like yourself the idea that a 450,000 home might be bought for 12,000--this does not happen. It might be that a second mortgage or home equity is delinquent, but the first mortgage is being paid. The first mortgae might be for 400,000 but that doesn't show up on the website. Obviously the first mortgage holder is not going to give up their claim to the 400,000 while the 12,000 loan forecloses and collects its money!! That is how expensive homes show up as potential purchases for a very small amount. Your best bet is to work with a realtor--we have access to all the homes in an area that are in foreclosure--I also would suggest that you attend a foreclosure sale at your local courthouse to see how it is done, and talk with the person who is there to represent the bank that holds the mortgage. They can be a wealth of information. Your local county website has the foreclosure sale times and locations.

Good luck!! and happy househunting!!

If I can help with any other info, or refer you to a good realtor in that area, please do not hesitate to call on me.

Web Reference:
0 votes Thank Flag Link Mon Jan 26, 2009
You definately need a local Realtor to assist you. There is a lot of background work and research to be done. Let me know if you like me to get a local agent to assist you. How long has the Lis Pendens been filed? What do the borrowers owe? What is the current house value? Keep in mind the sellers may be trying to work out something with the bank or possibly this could be a short sale situation. Let me know if you have other questions. Click on my profile and email me.
0 votes Thank Flag Link Mon Jan 26, 2009
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