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