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2 Beds, 1 Bath,
1,000 sq. ft.
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Classification Id:
Lis Pendens
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Classification Desc:
If a homeowner misses one or more mortgage payments in states that follow judicial foreclosure actions a lender will file this formal notice with the local courthouse. The term is also used to describe mortgage-related complaints, which allow third parties to know that there is a pending legal action that affects the property. Approaching a homeowner at this stage of default represents a tremendous opportunity to make money in the real estate market because he or she is motivated to sell before potentially losing the house to foreclosure. It is important to do your research to determine what type of litigation the lis pendens relates to before approaching a property owner. A lis pendens is also filed when there is some other legal claim being made against a particular property, such as lien claims by contractors, divorce cases, and fines and penalties assessed by homeowner associations.
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FIRST STEPS:
Preforeclosures
Often, the preforeclosure period is the best time to purchase a property.
Read more
Preforeclosure begins when a lender first notifies a borrower that his or her loan payments are behind. This
notification also details the consequences that occur if payments, penalties and interest are not brought current.
In most cases, a foreclosure severely limits a borrowers future credit options. Therefore, if a borrower has no
other means to bring the payments up to date, he or she is far better served to sell the property rather than to
let it go into foreclosure.
If you're interested in the property, contact the borrower/owner as soon as possible. For your convenience, this
contact information is located to your left under the property's "Foreclosure Information" header.
Carefully explain that you can help him or her avoid foreclosure by purchasing their home before it is lost to the lender.
Your timely assistance can be very important. But, be sensitive to the difficulties they are facing and be prepared to close quickly.
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Community Experts do not represent the seller/owner of this property unless otherwise specifically indicated in the property details above.
They ONLY offer their services and expertise to prospective buyers and investors.
The default amount was calculated at the time the pre-foreclosure
information was originally generated. Defaulted mortgages typically
accrue, principal, interest, default interest, late fees
legal fees, penalty fees and other costs and charges on an ongoing or
recurring basis. The default amount is therefore subject to change and
is likely to increase over time. No representation
or warranty as to the accuracy or completeness of these amounts is made
and the same is subject to change without notice.
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Thank you for taking the time to contact us with your financing needs. Please fill out the form below and I or one of my close associates will get back to you as quickly as possible.
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Thank You!
Your message has been sent. Expect to receive a response from the agent shortly. In the mean time, search foreclosure.com for the best deals in real estate.
Close
Thank you for taking the time to contact us with your real estate needs. Please fill out the form below and I or one of my close associates will get back to you as quickly as possible.
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Active
$ 2,500
