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June 23, 2008
What does lis pendant in the foreclosure process mean
While browsing realtytrac with a friend, I discovered that one of the units in our small condo building is in lies pendent.
The filing was recorded over a year ago.
What does this really mean?
If a motion is filed does it always stay on the record, even when the situation is resolved, which i'm assuming is the case here?
Comments
A lis pendens is a third-party claim on the property which has yet to be litigated. It basically serves as notice to a potential buyer or lender that there's a claim pending against the title or property.
The person filing the lis pendens often doesn't have to produce any proof or probable cause of his claim but he can still mess up a sale. Sometimes a lis pendens is filed with little merit just to harass an owner.
If you've already got your mortgage and you're not planning on leaving anytime soon, it's no big deal. But you really should get your lawyer on this.
Posted by: Steve at June 23, 2008 12:21 PM
Sorry, I misread. I thought it was your condo. Like termites, a lis pendens stays with the property until it's either litigated or the owner's attorney has it removed.
In a foreclosure scenario, it's not uncommon for an owner to let a property go into foreclosure because of a lis pendens from, say, an estranged ex-girlfriend who lent him the money for the down payment and never paid her back.
Posted by: Steve at June 23, 2008 12:37 PM
Steve, who does one litigate against to rid oneself of termites? Barring that, do you have an attorney to recommend that does this sort of work?
Posted by: guest at June 23, 2008 1:45 PM
Look for a real estate attorney who handles litigation, not just closings. I used David Rozenholc & Associates in my loft litigation (way back when) and he was terrific.
Posted by: Steve at June 23, 2008 2:57 PM
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