A Lis Pendens is a type of written notice that is recorded in the clerk of court records to notify the public that a lawsuit has been filed concerning that particular property. The typical Lis Pendens filing is when a lender starts foreclosure against a homeowner.
I am not a lawyer, but the general meaning for vacated Lis Pendens is that the court has dismissed the lawsuit. It can be for a variety of reasons, but a typical reason is that the current lien holders did not have proper documentation or could not produce the original Note. That does not mean that the lien holder who filed the original Lis Pendens cannot come back and refile should they be able to correct the issues with the first filing. It also does not mean that the homeowner can now sell the home to you or someone else without paying off the mortgage.
Anyone looking to purchase a short sale should consider consulting a real estate attorney if you have questions regarding a specific property.
There are two types of title insurance: Owner's title insurance, as mentioned above, and Lenders title insurance, also called a Loan Policy. Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.... more
Great Website for Bank Owned Properties is www.BankOwnedLists.com. You can get updates for all foreclosures in the area.
Denis DaSilva-Broker CDPE, LMC e-Pro
Managing Partner | reavolv real estate | Website: www.reavolv.com
phone: 508-813-6875 | email: Broker@reavolv.com |
Broker License for Massachusetts and Rhode Island... more