Liz Pendens
I live in Minnesota and I'm trying to figure out the Liz Pendens process. I called about 5 different county court houses. Four of the five said they don't file Liz Pendens. The last court house told me that they will print all the Liz Pendens for $1 a page. She said that not all Liz Pendens are foreclosures.
My question to everybody: When marketing to pre-foreclosures do you try to fnd the Liz Pendens and go from there. In our state we have a judicial and non-judicial system. The lady at the court house said it's up to the lender which process they want to file. If they use the Judicial way there will be a Liz Pendens filed.
I was wondering where the Liz Pendens fits into the whole foreclosure process on the judicial side way.
Thanks in advance.
Lis Pendens is Latin and translates into the English term "Law Suit Pending".
It is usually the 1st step in a bank beginning judicial foreclosure.
Usually coincides with the 3rd or 4th mortgage payment missed, if I am not mistaken (anyone should feel free to correct me on this).
The homeowner is notified that they are in default and have a certain amount of time to come up with a reinstatment amount (Includes the missed payments PLUS the legal fees for the filing) in order to bring the loan current and avoid further legal action and legal fees and late penalties.
N.
Lis pendens is a notice of default. Must be filed prior to foreclosure, here in florida if payments are not caught up within 2 to 3 months after lis pendens there is a judgement setting sale date. Payments can still be brought up to date and sale cancelled after the judgement. So Lis pendens up to sale is preforeclosure.
[ Edited by wpruett on Date 01/02/2004 ][ Edited by wpruett on Date 01/02/2004 ]
Im wondering if anybody out there goes after Liz Pendens in the pre-foreclosure process. Does anybody have an example of a letter they send out to the individuals that have a Lis Pendens filed against them.
Thanks
I live in Texas. I went to the county clerks office and all they have are the trustee sale listings. She recommended I talk to the county atty's office. Is this how it works where you're at? With the holidays, they will not be back until Mon. Thanks for the help....
John