Lis Pendens

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Nevada Lis Pendens

Lis pendens is a Latin term used for pending law suit. It refers to the lawsuit of a specific property that is pending in the court. The only difference being is that it is a property lawsuit that is in litigation in the public notice or foreclosed property. It is also called as "lis pend" on abbreviated form.

Foreclosure is an equal proceeding that involves selling or repossessing of an immovable property by any secured creditor or a bank because of the failure of the borrower to pay the agreed amount. Thus, according to the agreement that has been signed between the borrower and the lender called ‘deed of trust’, the property of the borrower that has been put by him for mortgage is sold due to the violation of the agreement or his inability to pay the agreed amount in the allotted time. This is a method in which the lender recovers his given amount by foreclosing. Foreclosing is actually a court-decreed sale in which the property is sold to the highest bidder and the amount of the property is then paid to the lender. It is at this time that we say that the property has been foreclosed.

There are separate laws for foreclosures and lis pendens of each country and state. Nevada lis pendens also have their self-defined laws for pending law suits based on foreclosure. Nevada lis pendens are usually out of court settlements between the lender and the borrower. This normally takes a time period of four months.

In Nevada lis pendens, in most mortgages, lenders are allowed to sell the property incase the owner fails to make the payment without filing a lawsuit. A lender then initiates the process of foreclosure with the recording of a default notice to county recorder. Further, the notice is mailed to the concerned borrower. In Nevada lis pendens, the borrower is granted a time period of 35 days which is counted from the date of recording of the default notice to make the payment and put a stop on the proceedings of the foreclosure process.    

The law of Nevada lis pendens states that the lender has a three months time to schedule the foreclosure sale from the date when the default notice was recorded. This public sale is carried out by a trustee, who is a third party whose name has been mentioned in the agreement or deed of trust. According to Nevada lis pendens, the notice of sale is decided and posted with a minimum of 20 days before the sale date of the trustee that is to be published in the newspaper once in a week for around three weeks. This notice of sale is also mailed to all the concerned parties that have been affected by this sale.  For more information, log on to http://www.elispendens.com/.

Incase the sale has to be postponed in Nevada lis pendens, a public announcement should be made at the place and time where the sale has to be conducted. Once the sale is completed, the ownership of the property which was being foreclosed is transferred by the trustee to the highest bidder.