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What is Lis Pendens?
In Latin, the word Lis Pendens means "Legal Suit Pending." In relation to the properties market, it refers to the formal notice by a mortgage lender on a delinquent borrower, to start the foreclosure proceedings.
In conditions, where a homeowner, raising a loan against the mortgage of his/her property, defaults on the principal or interest payments, the lender initiates formal proceedings to foreclose the property under pledge. This is given effect by serving a Lis Pendens on the borrower. However, the homeowners reserve the right to refinance or sell off their house and remain in the possession of the property ownership.
Foreclosure laws are different for different states. For example, in states subject to the judicial foreclosure laws, the notice is filed in the form of Lis Pendens, whereas in case of states adhering to the non-judicial laws, a Notice of Default is served. Information about Lis Pendens or the Notice of Default is easily available at the local County Recorder's or County Clerk's office, classified listings in the newspapers, local property agents, or though registration at local web portals specializing in property foreclosures.
