Fri, Jul 03, 2009
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List Pendence? |
vison288
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Posted: 20:51 on 03-25-2005
When a list pendence has been served on a property(meaning litigation pending) and the property is bank owned now....will this list pendence hold good even now?
any info is appreciated
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InActive_Account
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Member Since: 02/26/2002
AnyTown, NY
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Posted: 22:17 on 03-25-2005
lis pendens is a notice to the public of a lawsuit and the parties involved. Relevance on this board is usually a pending foreclosure.
Could you clarify your question.
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vison288
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Posted: 20:44 on 03-26-2005
we were in a contract to buy a house...on the last day of escrow the seller refuses to sign the escrow(our guess is he wants more money)....there is a lis pendens on that house now if he tries to sell that house behind our back....but now the bank has repo. his house...my question was if someone else opts to buy the house from them will they see that there is lis pendens on that house??we are hoping that bank would sell the house to us...
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On 2005-03-25 22:17, panicfilms wrote:
lis pendens is a notice to the public of a lawsuit and the parties involved. Relevance on this board is usually a pending foreclosure.
Could you clarify your question.
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InActive_Account
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Posted: 14:01 on 03-27-2005
When you say the bank repo'd his house, are you saying that the bank foreclosed and evicted him? Or did they just serve him with foreclosure papers?
Who filed the Lis Pendens? You or the bank? It sounds like you're concerned the seller backed out of the contract, but at the same time you mention his lender so I am trying to understand if this is a foreclosure or simply seller's remorse.
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InActive_Account
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Posted: 14:02 on 03-27-2005
When you say the bank repo'd his house, are you saying that the bank foreclosed and evicted him? Or did they just serve him with foreclosure papers?
Who filed the Lis Pendens? You or the bank? It sounds like you're concerned the seller backed out of the contract, but at the same time you mention his lender so I am trying to understand if this is a foreclosure or simply seller's remorse.
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vison288
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Posted: 16:46 on 03-27-2005
The house was in pre foreclosure when we entered the contract....It went thro like a regular transaction through a title co. They were able to save their house from 2 auction sales showing our sales contract....Then in the last day of escrow they breached the contract......we filed the lis pendens against them ...one reason being the title co refuses to give our earnest deposit and our down payment without sellers signature.......Now the bank has the property....now with the lis pendens on the property can the bank sell to anyone else..?
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On 2005-03-27 14:02, panicfilms wrote:
When you say the bank repo'd his house, are you saying that the bank foreclosed and evicted him? Or did they just serve him with foreclosure papers?
Who filed the Lis Pendens? You or the bank? It sounds like you're concerned the seller backed out of the contract, but at the same time you mention his lender so I am trying to understand if this is a foreclosure or simply seller's remorse.
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Mantis
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Posted: 01:18 on 03-30-2005
Lis Pendens simply provides public notice of a legal dispute, the owner (the bank if forclosure proceedings have been completed and no redemption by the prior owner is possible) can sell or otherwise transfer the property as they see fit regardless of your filing of Lis Pendens as you have simply provided public notice of a potential (or real) action. You could file a lawsuit and lose, or have such a weak claim that most attorney's would not take the matter, in short lis pendens only provides notice, it does not ensure your abiltity to recover monies or other damages. However, potential buyers, and thier title companies, should be extreemly reluctant to purchase a property which is, or may be, involved in a lawsuit (that is - you will, or may, file such a suit), so you may have an advantage in negotiating with the bank (see below).
Best bet, contact the bank and see if you can't continue the deal with them, perhaps they will let you "qualify" and continue the payments just as you would have done under your contract with the former owner.
Regardless, send a "demand" letter to the title company, along with whatever proof you have that the prior owner was foreclosed upon, demanding a return of your deposit as the prior owner allowed his property to go to foreclosure, thereby forfiting his rights in the property and negating his ability to transfer clear title to you. On that basis the former owner is thereby incapable of completing his duties under your contract and you are entilted to have your deposit returned (this assumes the former owner cannot redeem his property due to any redemtion period expiring, if the redemtion period is still running they may require you to wait until it runs out).
Also, on the next contract you sign ensure that there is clear language stating that all deposits and other monies paid by the buyer are to be returned to the buyer within 5 business days if the transaction is not completed for any reason or if either party cancels the transaction for any reason.
If this doesn't work within 7 business days, contact an attorney.
[ Edited by Mantis on Date 03/30/2005 ]
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