Beverly Hills, CA -- (SBWIRE) -- 05/18/2012 -- The term “Lis Pendens” can be confusing for many homeowners. There are many news articles and sites which report that it means one of many things which is confusing and untrue. Here are some facts and information to clear up many of the misconceptions and misunderstandings surrounding Lis Pendens.
Lis Pendens means “suit pending” and refers to a specific suit that has been filed against a specific parcel of property. After a lawsuit involving a specific piece of property is filed with the local county courthouse, the plaintiff in the lawsuit can go to the local land records office and file a “Lis Pendens” on record which would serve as notice to anyone interested, that there is a lawsuit involving the property in question. The lawsuit is filed with the local courthouse first as a protection for the plaintiff, so that their interests in the property are not affected should they win in their suit and claims for the property.
The term “Lis Pendens” can also be used broadly to describe any suit pending against a property, or it can mean a specific document and formal notice of filing on a property, such as in judicial states or states that administer a judicial foreclosure which include but are not limited to: parts of California, Florida, Texas, Illinois, North Carolina, Michigan, New York and other states. According to the website LisPendensx.com, in such judicial states, “Lis Pendens serves as constructive notice to any and all parties involved or interested in the said property, that the plaintiff is legally pursuing claims to the property title or ownership interest to it.”
In suits involving foreclosure, Lis Pendens serves as a formal notice to not only the homeowners but also any interested parties that a default has taken place. In this meaning, Lis Pendens is similar to a notice of default in non-judicial foreclosure state. This makes the property less attractive to any potential buyers. If the property is sold to a new buyer, the new owner is subject to the final ruling of the Lis Pendens suit.
As echoed throughout the detailed video found on LisPendensx.com, this is just one of the many reasons why it is extremely important if a person is interested in purchasing a home that they check to see if there are any competing claims to the property and/or lawsuits that are pending.
Homeowners must also be aware of their property records and any potential Lis Pendens that may have been or may be filed against their property. According to Lispendensx.com, “in many foreclosure cases, the alleged servicer or lender who files the Lis Pendens does not in fact have the right to file a suit on the homeowner’s property, yet they still proceed with the filing. Some states require the Lis Pendens filer to demonstrate that they have “just cause” or a good likelihood to succeed on the merits of the suit if any dispute over the filing arises.
To learn more about Lis Pendens, How To Find Your Securitized Loan and Foreclosure Defense, please visit the website: LisPendensx.com for more information.
LisPendensx.com is an online website focused on providing consumers with relevant information pertaining to Lis Pendens, Quiet Title Securitization, and much more. For more information about Lis Pendens, Quiet Title or related foreclosure research topics, please visit our website at http://www.lispendensx.com