Learn about foreclosures as soon as they hit the market. Foreclosure.com gets you a step ahead with the nation's most up-to-the minute lis pendens filings.
Filed by a lender, a lis pendens is the formal notice that starts the foreclosure process. Even though this is considered a pending lawsuit, the homeowner still has possession and the right to sell or refinance the property.
And, it represents a tremendous opportunity for homebuyers and investors to make money in the real estate market.
In states that require judicial foreclosure actions, lenders traditionally file a lis pendens to foreclose on a mortgage or deed-of-trust loan that is in default. On the other hand, a notice of default is used in states that follow non-judicial foreclosure laws.
In essence, depending on where the property is located, either a lis pendens or notice of default is issued to begin the foreclosure process.
A property is considered to be in preforeclosure from the day a lis pendens is filed until the day the property is sold at auction. The amount of time between these two dates varies greatly from state-to-state. Some states sell properties within 90 days from the first notice of default, for example, and others can take as long as 12 months.
Regardless, this window creates a valuable opportunity for an investor to purchase the property from the homeowner before the sale date, which can sometimes result in instant savings and equity in your home.
As the nation's most up-to-date searchable database of foreclosed homes, Foreclosure.com is the best place to find distressed property listings. Our Web site is the only one to offer more than 1.8 million preforeclosure, foreclosure, bankruptcy, FSBO and tax lien listings conveniently in one place.
Our listings, in fact, are updated as soon as possible from the moment a lis pendens is filed to give you an important head start in your search to find a great real estate bargain. We understand that in this industry, timing and accuracy mean everything.
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See for yourself by visiting Foreclosure.com today!