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Permalink Reply by Bryant Tutas on June 4, 2012 at 1:30am

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.

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Permalink Reply by Ann Howard on June 4, 2012 at 4:27am

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

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Permalink Reply by Sharon Stine on June 4, 2012 at 4:40am

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?

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Permalink Reply by LIZA DIGALIZIA on June 4, 2012 at 11:27am

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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