how do you clear les pendens?

Asked by Kw607y, Coram, NY Sat Oct 3, 2009

I went into a contract on my home (i have had ir for sale for 2 years) and then I was served papers by the bank, even though I told the mortgage company (bank) that property was sold. What do I do next? The buyer feels that she was misled and now is not sure if she wants to purchase the property

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Patrick Thies, Agent, Anytown, IL
Sat Oct 3, 2009
A lis pendens is a document serving notice upon any other party that is researching the particular property affected by the document. This usually shows up during the title search. In most cases when a homeowner is behind on the mortgage payments, the lender's attorneys will file the initial foreclosure lawsuit with the court and a lis pendens will be sent to the county clerk or recorder's office to indicate that a particular property is in the process of a pending litigation. I would imagine that the papers from the bank are in regards to a foreclosure.

The lis pendens doesn't stop the foreclosure is really just a notice that will show anyone, such as a title company or prospective foreclosure refinance lender, researching the real estate that it is involved in a lawsuit.

You will have to find out from the bank what they plan on doing. Is the house going to be a short sale or was the sale enough to cover the payoff amount? You should talk to an attorney on this if you don't have one already.
0 votes
Robbie Vaughn, Agent, Mineola, NY
Sat Oct 3, 2009
Hello,

Generally,

1. The lis pendens will be taken care of at the closing.
2. A lis pendens on a home does not allow the buyer to cancel a fully executed contract without being in breach.

Remember, this is generally/usually the case. You should speak with your closing attorney to determine if the above applies in your specific case.

All the best,

Robbie L. Vaughn, Esq.
(Robbie Vaughn)
Long Island, Brooklyn and Queens Real Estate & Bankruptcy Attorney.
Broker/Owner of Bayview Estates Realty of Long Island.

Rlvaughnlaw.com
Bayviewestatesrealty.com

Disclaimer:
No Attorney-Client, or Broker-Client relationship is formed until we have a signed agreement. This is not legal advice. Please verify any and all information provided to you.
Web Reference:  http://rlvaughnlaw.com
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Coram Zip Codes

Email me when…

Learn more