Frequency Of Lis Pendence.... Does It Matter?
Does anyone know how frequently Lis Pendence being updated in N.J. or in any other state for that matter? Are banks filing notes of foreclosure daily, weekly, bi-weekly or monthly?
If you have 2 sites to choose from to get you Lis Pendence information and one of them updates listings once a week for $30 a month and the other claiming to do that every day except holidays, which one would you choose? Source that is updated daily asking outrages fees for it (i.e. $ 500 + for 6 month). Is it really worth it?
In my understanding, it doesn’t matter who got the listing first, it’s the one who have closed the deal and helped the homeowner.
Any opinions?
Thanks,
Perluser.
[ Edited by Perluser on Date 01/27/2004 ]
Hmmm…
I guess the topic either of NO interest or there is no one here (I seriously doubt that!) with knowledge on the subject …
Well….
A Lis Pendens (latin for litigation pending) is generally filed just prior to forclosure or other legal action to collect a defaulted mortgage.
As to their being "updated" this is news to me...I never heard of more than one LP being filed in deed records on a particular property, and it would seem to make little sense to "update" or change it.
It's just a general notice to the world that something's happening on that RE, so be careful about buying into it without checking.
I think Perluser is asking which website to subscribe to. The one that is updated every day or one that is updated once a month. Personally, I would feel like I'm too far behind if I found out only once a month. On the other hand paying for every day at that rate is a little expensive. Why not see if you can get a free trial from the sites, and then negotiate the rate down from the expensive one? That's what I did for my foreclosure listing.
Ryan J. Schnabel
Thanks JohnMerchant,
I should probably rephrase myself here:
When I say “information is updated” I refer to the website that collect, summarize, packages and provides Lis Pendens information for a fee to the end user and not to the public note itself.
I am aware that LP is being filed only once. Just want to see if it really the case that tomorrow you may get information that was not on the record today and there is NO specific day of the month when LP may be filed.
Just not sure that paying $500 + within 6 month to get fresh daily info is really good idea, since most of the homeowners facing foreclosure are in denial until the last moment anyway.
Perluser.
Ryan, thank you for you post!
You are correct in interpreting my question above.
However, if I may, I would like to disagree with you on one item.
I understand that it may prove useful to get fresh information daily, but how would you use this to your advantage in this particular case? Will you drop new set of mails to homeowners every day? If yes, then you really obligating yourself for the mandatory every day second shift (check the info and mail, check the info and mail,…..etc.).
Also, if you are planning to get any discount from the US Postal Service on the bulk mails, you need to have a bulk to drop, not 50-70 a day (by the way, I doubt it’s even going to be that many a day).
Wouldn’t this be easy to send mails once a month or twice a month? Besides, you usually send 2-3 mails to the same homeowner before you may get a response, right?
Am I making any sense here?
Thanks,
Perluser.
Anyone claiming to have a right of ownership in a property can file a lis pendens. Filing a lis pendens is not limited to banks/mortgage companies.