As they mentioned, lis pendens is the recording of a lawsuit between parties. They are not all real estate related. If you have access to public records for your county, check out the ones between individuals and mortgage companies and banks--they are most likely pre-foreclosure related.
I've seen some listed that are between individuals and businesses (like cleaning services or auto body repair shops) where I think the business is trying to get its payment out of someone. Although these listings might indicate someone should be on your sub2 postcard mailing list (they don't have the $$$ to pay to fix the car :?), realize that it just could be they had a beef with the service they received.
andy
In PA, a lis pendens is filed by someone who claims to have a right of ownership in real estate. Lis pendens is not used exclusively in foreclosure proceedings.
Example: buyer signs purchase contract with seller. Buyer, therefore, has an equitable ownership interest in the property. Seller decides to reneg on contract. Buyer can have a lis pendens filed against the property which, if not successfully challenged by seller, will prevent seller from selling the property to someone else.
Thanks for all the replies. So this would be a good place to start if I'd want to do a short sale or even a Subject 2, if their not in the property by too much?
Lis pendens is a public notice of pending legal action against some entity. Often foreclosure when recorded in relation to property.
So the lis penden is basically a pre-foreclosure?
Yes, it's the first legal step in the foreclosure process.
[addsig]
As they mentioned, lis pendens is the recording of a lawsuit between parties. They are not all real estate related. If you have access to public records for your county, check out the ones between individuals and mortgage companies and banks--they are most likely pre-foreclosure related.
I've seen some listed that are between individuals and businesses (like cleaning services or auto body repair shops) where I think the business is trying to get its payment out of someone. Although these listings might indicate someone should be on your sub2 postcard mailing list (they don't have the $$$ to pay to fix the car :?), realize that it just could be they had a beef with the service they received.
andy
In PA, a lis pendens is filed by someone who claims to have a right of ownership in real estate. Lis pendens is not used exclusively in foreclosure proceedings.
Example: buyer signs purchase contract with seller. Buyer, therefore, has an equitable ownership interest in the property. Seller decides to reneg on contract. Buyer can have a lis pendens filed against the property which, if not successfully challenged by seller, will prevent seller from selling the property to someone else.
Thanks for all the replies. So this would be a good place to start if I'd want to do a short sale or even a Subject 2, if their not in the property by too much?
lis pendens is not the beginning of a foreclosure in Michigan. You can foreclose non-judicially here.
Tom
tbelknap, what is it in Michigan then? What is a pre-foreclosure in Michigan and how do you determine it?
You need to read up on the foreclosure process.
Start here www.michiganlegislature.org
Type in foreclosure and start reading. That is the way I learned it.
Tom