Lis Pendens is also know as Notice of Default and is the formal process for lenders to file a suit to forclose on someone who is not paying their mortgage. The Lis Pendens is also used for other types of actions, but I have found them most common for foreclosures. The best thing to do is contact the court house and find out how to access them and start working the pre-forclosure market. Start with the Clerk of Courts. if thats not the right place, they will help you find where you need to go. Good luck
A "lis pendens" notice is a notice recorded, in deed records, that just puts the world on notice that the party recording same, is going to be filing a suit or claim on or against the mentioned RE.
Of course, anything recorded in deed records is against or on, a particular piece of RE....as is the lis pendens.
Purpose is to put all on notice, that the particular RE, and maybe its title, is going to be involved in litigatation.
This effectively keeps anybody from seriously trying to convey it, or take a conveyance of it, prior to that pending litigation ( Latin=LIs Pendens) being resolved.
Once a lis pendens is recorded, the party recording same has to follow through, or could be held liable for damages if he does not do so.
Quote:
On 2003-12-30 17:59, mesabahouse wrote:
I called the county, but they said they don't file Lis Pendens. So it sounds like Minnesota has a non-judicial system. Any ideas.
Thanks
I would go to the courthouse and ask where the information is recorded. I have done that in 3 different counties and found the information in 3 different places. I work these in IL and it is a judicial system here. Ask all kinds of questions. I found some recorded in the Record of Deed and some in the Clerk of Courts. I guess it depends on how the county does their filing. You just have to ask lots of questions. Good Luck!
Lis Pendens is also know as Notice of Default and is the formal process for lenders to file a suit to forclose on someone who is not paying their mortgage. The Lis Pendens is also used for other types of actions, but I have found them most common for foreclosures. The best thing to do is contact the court house and find out how to access them and start working the pre-forclosure market. Start with the Clerk of Courts. if thats not the right place, they will help you find where you need to go. Good luck
Lis pendens basiclly means pending legal action and nothing more.
I called the county, but they said they don't file Lis Pendens. So it sounds like Minnesota has a non-judicial system. Any ideas.
Thanks
A "lis pendens" notice is a notice recorded, in deed records, that just puts the world on notice that the party recording same, is going to be filing a suit or claim on or against the mentioned RE.
Of course, anything recorded in deed records is against or on, a particular piece of RE....as is the lis pendens.
Purpose is to put all on notice, that the particular RE, and maybe its title, is going to be involved in litigatation.
This effectively keeps anybody from seriously trying to convey it, or take a conveyance of it, prior to that pending litigation ( Latin=LIs Pendens) being resolved.
Once a lis pendens is recorded, the party recording same has to follow through, or could be held liable for damages if he does not do so.
A Lis Pendens puts the world on notice that a suit is pending and all parties may be affected by the suits outcome.
Since MN has judical and an non-judical
foreclosures, the lis pendens fall under the judicial form.
Quote:
On 2003-12-30 17:59, mesabahouse wrote:
I called the county, but they said they don't file Lis Pendens. So it sounds like Minnesota has a non-judicial system. Any ideas.
Thanks
I would go to the courthouse and ask where the information is recorded. I have done that in 3 different counties and found the information in 3 different places. I work these in IL and it is a judicial system here. Ask all kinds of questions. I found some recorded in the Record of Deed and some in the Clerk of Courts. I guess it depends on how the county does their filing. You just have to ask lots of questions. Good Luck!