Lis Pendens

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New York Lis Pendens

The word Lis pendens is a Latin word that literally means a pending lawsuit. It is a notice given in written to the defaulter or the borrower by the lender. This is generally filed against a real estate or any other immovable property for the sake of its ownership. This notice is normally filed in the records office of that particular county in which the property is located. Recording a Lis pendens is a warning to the borrower that the ownership of the concerned property may change, incase he fails to pay the required amount to the lender within a 30 days time from the date of filing of lis pendens to put a stop to the entire legal process of Lis pendens. This also reduced the value of the property as its ownership itself lies in question. It is also called as lien or pre-foreclosure.

 New York Lis pendens can be recorded under several situations. Lis pendens is a great opportunity to find motivated property holders who are seeking to:

• Sell their home immediately
• Searching for anyone who can help them to stop foreclosure
• Refinance.

There is also an example of Lis pendens filings. For instance, a contractor may record a Lis pendens on an immovable property to get a payment for his due work to the landowner. New York Lis pendens can be filed anytime for property taxes that have not been paid. Similarly, a lis pendens can also be filed by a condominium board if the afreed amount remains unpaid. Last but not least, a bank can also file for a New York lis pendens on any immovable property if the borrower fails to pay the mortgage for three months consecutively.    

There are separate foreclosure and lis pendes laws for each state and country. New York lis pendens is no exception to this and have their own set of laws. When anyone does not make payment for a year for their property taxes, a Tax lien is lien is recorded against the concerned property by the New York City. Similarly when there is a mortgage default, a complaint and summon is served. The New York lis pendens laws sue the owner of the property if he does not pay the property taxes. Both judicial; and non-judicial laws alternatives are allowed for the lender under New York lis pendens laws. But generally only judicial process is used as the non-judicial process is very complicated. When the complaint of a New York lis pendens is filed, the borrower must answer it within 20 days, else an action of summary judgment is taken. After this summary judgment, a mediator is appointed by the court to calculate the amount that has to be paid. It also suggest the method in which property have to be sold. If the borrower comes to defend himself, the court duly verifies the authenticity of the defense. Incase the lender turns out to be victorious, the permission for foreclosure is granted. For more information, log on to http://www.elispendens.com.