| Lis Pendens is Latin and translated means “suit | | | | foreclosure to their foreclosure listings and usually does |
| pending.” Sometimes called a notice of default, | | | | not want the trouble and expense of a foreclosure. |
| notice of Lis Pendens is an official filing indicating that | | | | During the pre foreclosure stage, both the homeowner |
| the title of a property is in question and that the lender | | | | and lender are often willing to work with a serious |
| plans to foreclose on the property. The notice is | | | | buyer to resolve the problem and stop foreclosure. |
| usually filed after the home loan on a property has | | | | Homeowners and lenders are often willing to consider |
| been outstanding for a few months. Once the notice is | | | | all reasonable offers. It is possible to buy a |
| filed, it places a cloud on the title of the property, | | | | pre-foreclosure for less than full market price or put |
| although this is resolved once the property goes | | | | together a short sale deal with the lender that will allow |
| through the foreclosure process. The notice of default | | | | you to buy the home for less than the mortgage |
| officially places a home in pre foreclosure. | | | | amount owed. |
| Pre-foreclosure is a wonderful time to buy a home. At | | | | It all begins with the Lis Pendens, since the notice of |
| this stage in the foreclosure process, everyone | | | | default is usually how you till find pre-foreclosures. |
| involved wants to stop foreclosure. The homeowner | | | | Pre-foreclosures are not usually advertised because |
| wants to avoid the process and avoid ruining their | | | | they are not officially for sale yet. |
| credit. The lender, too, does not want to add a | | | | |