What does a lis pendens mean in the legal process of foreclosure?
One of the legal terms often encountered by homeowners in foreclosure is lily hangs. They may initially find out about the term when trying to refinance their home and be turned down by the mortgage broker because of this type of document filed against the property. if a lily hangs has been filed, it will appear at the county recorder as a document affecting title.
HAS lily hangs it does not stop or prevent foreclosure at all, as it is simply a document notifying any other party that is investigating the particular property affected by the document. In most cases of a homeowner behind in mortgage payments, the lender’s attorneys will file the initial foreclosure lawsuit in court and a lily hangs will be sent to the county clerk’s or recorder’s office to indicate that a particular property is in the process of pending litigation.
The term lily hangs is Latin for “pending judgment,” and the judgment it refers to is the legal process of foreclosure. If the lender was not suing for the sale of the property for payment of the delinquent mortgage loan, this document would never be filed in the first place, as there would be no judgment pending.
In fact, a lily hangs It specifically states that the property is facing foreclosure, and the document will show anyone, such as a title company or potential foreclosure refinance lender, investigating the real estate that is involved in a lawsuit. So he lily hangs is meant to signify foreclosure; it does nothing to prevent foreclosure, but it does affect a homeowner’s ability to save their home.
The most commonly used legal mechanism that stop foreclosure You file for bankruptcy in court, and even this only puts the process on hold while the creditor and debtor come to an agreement to negotiate a debt settlement.
Homeowners may also consider getting rid of the lily hangs affecting your home by mounting a defense against the lawsuit that has led to the foreclosure process. However, this is a direct defense to litigation, not an additional legal process like bankruptcy that can be used to stay the lawsuit.
if a lily hangs is filed with the county recorder against a property, this indicates that the house is already in some stage of the foreclosure process. Homeowners are no longer in the pre-foreclosure stage, or are simply behind on payments. At this point, the foreclosure is not preventable, as the lender and his attorneys are already pursuing it; must stop and homeowners must begin to make a realistic plan and investigate various ways to stop foreclosure, such as a foreclosure. modification, payment plan, home sale, or a foreclosure rescue loan.