Lis Pendens

Search Lis Pendens

Type in location or zipcode:

Eg.: "Tallahassee FL", "20031"

Lis Pendens By State

Lis Pendens By City

Phoenix Properties

Arizona Lis Pendens

Lis Pendens is a technical term in language of law which means pending lawsuit that can be resolved through foreclosure laws. Under the Arizona Lis Pendens, the lender can file the breech of deed of trust that becomes null and void in case the amount of outstanding loan is not paid on time. Under the laws of Arizona Lis Pendens, the lender can file a legal lawsuit the debtor so that the later has to pay the loan amount by selling his immovable assets and real estate property in order to pay back the loan amount. Once the Arizona Lis Pendens case is filed against the debtor, all the immovable property is attached and auctioned to realize loss of the lender and the left over amount is handed to the debtor. The Arizona Lis Pendens is made according to the state laws of Arizona-Article 33’s chapters 6 part 6.1 in Arizona Revised Statutes.

Usually foreclosures are of three kinds such as foreclosure by judicial sale, foreclosure by power of sale and acceleration. In the first method of Arizona Lis Pendens, the auction is carried by a judicial attorney that is provided by the court. All the proceeds that are realized under this process are used to pay the debts of the creditor so that his bad debts are recovered. In the second method, procedure of auction is carried mutually by the creditor and debtor. In the method of acceleration, the non-payment can make one lose the mortgage property against which one takes loan. However, in the Arizona Lis Pendens, both the first and secondary methods are used such as judicial sale method where a legal attorney looks in to the proceeds of auction so that timely judicial foreclosure is made and foreclosure by power of sale.

In case of Arizona Lis Pendens where property is sold on the basis of power of sale, a non-judicial method, one has to carry certain responsibilities such as one has to mention the auction notice prior to four weeks of the auction and after the foreclosure is made, with the period of twenty days, one has to be mentioned along with the trust property deed. While carrying out the Arizona Lis Pendens under the agreement of power of sale, one has to mention all the details about the auction, its timings, property description etceteras.