Lis Pendens Indicates Pre Foreclosure

Lis pendens is the latin phrase for “suit pending.” A lis pendens is usually filed against a property to indicate that some type of legal dispute is on the horizon. Most commonly, this represents a formal notification that the mortgage loan is in default and foreclosure proceedings will begin if the debtor does not bring the loan current. Lis pendens foreclosures are actually a pre foreclosure because the debtor is still the legal owner of the property. This gives the debtor a chance to pay the past due balance, refinance the entire mortgage, or sell the home.

Lis Pendens Foreclosure Opportunities

One of the keys to getting great bargains on real estate lies in finding properties as quickly as possible. A lis pendens foreclosure is actually at the very beginning of the foreclosure process, and has not yet been scheduled for foreclosure auction. That means that the owner can actually sell the lis pendens property before it reverts back to the bank. This results in a win/win situation for you and the owner because the owner avoids foreclosure and you can save up to 50% off of current property values.