I was searching what's on the market this morning and I see the short sale house we're involved in is now being listed as Lis Pendens. I know this means pre foreclosure, but what does it mean for our short sale?
I am so disappointed in this process.
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That's quite common Sharon. Most sellers are short selling because they are in some stage of foreclosure. A Lis Pendens is just placing the public on notice that there is a pending lawsuit. In my state, Florida, it averages more than 2 years from lis pendens to actual foreclosure sale.
The Lis Pendens is a pending lawsuit, it could be a lein against the house by a contractor, or any number of things. Have you ordered a Preliminary Title report? It should show all leins against the property. Hope this helps, Ann
From what I have found out it's the start of the foreclosure for non payment. Looks as thou they started the process almost a month ago even thou we've been working on the short for almost 6 months.
There is a first with M&T and second with PNC. We've been waiting on PNC to approve for a couple weeks. If they would, we could close in July..
Once the foreclosure process starts, roughly how long does it take until it goes to auction? Is there a time line on that or can it linger on like a short?
Hi Harry,
When I encounter these borrowers, with this mentallity,
I tell try to explain to them that their lives have completely
stopped.. Meanwhile they are stalling the foreclosure,
they are stalling them getting ahead, and they could of
had bought another good home and made a good life.
Stalling to some borrowers mean defeating the bank.
In the end who wins??
liza
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