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What does Lis Pendens Mean?

Lis Pendens

The lis pendens is an official notice that represents the start of the repossession process known as foreclosure on a property. The lender files the notice and the notice indicates that lawsuit is pending. However, a property that has had this notice served is still considered in pre foreclosure, because until the foreclosure process runs its course, the homeowner of the property can still refinance or sell the property to avoid foreclosure.

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Types of Notices

Lis Pendens

There are two types of notices possible. In states that have laws requiring judicial foreclosure, the lis pendens is used to foreclose on properties where a deed-of-trust loan or mortgage is in default. In states that have non-judicial legislation in terms of foreclosure, the notice that begins the foreclosure process is known as the Notice of Default.

Understanding Pre Foreclosures

Understanding Lis Pendens, foreclosures, and the repossession process can save you tremendous amounts of money on your next home purchase. Whether the notice is called a Notice of Default or something else, the notice that signals the start of a foreclosure and that indicates a home is in the pre-foreclosure stage is good news for homeowners. From the moment a notice is filed until the property is sold at auction, the home is in pre foreclosure. This means that you may have 90 days to a year - depending on your local state laws - to buy the home as a pre-foreclosure.

Saving Money with Pre Foreclosures

Among repo homes, pre-foreclosures are considered highly desirable foreclosed properties for a number of reasons. You can often buy directly from the owner or arrange for short sale on these properties with lenders, saving tens of thousands of dollars. Also, sellers and lenders are usually very motivated with pre-foreclosures if they see a chance to avoid foreclosure and get money for the property up front. There are many deals you can structure around a property before it goes to auction - deals that can benefit you, the homeowner and even the lender.

Repo-Homes.com has many listings of fresh pre-foreclosures just waiting for savvy buyers such as yourself. We even offer insider tips and tricks used by seasoned investors to save even more on foreclosures. As soon as a lis pendens is filed we can update our listings with fresh pre-foreclosures for you to choose from.

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