File Notice Lis Pendens Foreclosure In Phoenix

State:
Multi-State
City:
Phoenix
Control #:
US-00403BG
Format:
Word
Instant download

Description

Lis Pendens means "a suit pending". A lis pendens is a written notice that a lawsuit has been filed involving the title to real property or some interest in that real property. Notice to the defendant who owns the property and potential buyers or lenders is given by filing the lis pendens with the clerk of the court, certifying that it has been filed, and then recording it with the County Recorder. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property. A person who records a false lis pendens will be subject to the penalty of payment of attorney's fees. A petition to remove the lis pendens from real property may be brought by the defendant when the property is not involved in the lawsuit.

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FAQ

Non-judicial foreclosure auctions are often more expedient, though they may be subject to judicial review to ensure the legality of the proceedings.

Arizona's foreclosure rates are up sharply in the past year. A report from Attom Data shows one in every 4,683 homes in the state is in some stage of the foreclosure process. That's a 27% increase in the past year.

Basically, a Lis Pendens is written notice that's recorded in the county recorder's records where the real estate is located and that gives notice than an action, a lawsuit involving title to the real estate is pending.

Pre-foreclosure is a legal process that occurs before the lender repossesses a property. If a homeowner is late on a certain number of payments, the lender may issue a notice of default, sending the home into pre-foreclosure. Mortgage borrowers may still have some options during pre-foreclosure to save their homes.

In Arizona, there are two types of foreclosure: Judicial and Non-Judicial/Trustee Sale. A judicial foreclosure, is a foreclosure by court action, similar to other common civil actions where one party sues another (i.e. bank files a lawsuit against the homeowner).

Answer: After a judicial foreclosure in Arizona, the debtor or his successors in interest ordinarily may redeem at any time at any time within six months after the date of the sale (A.R.S. 33-12-1282).

Notice of a Nonjudicial Foreclosure To officially start a nonjudicial foreclosure in Arizona, the trustee records a notice of sale in the land records. The sale date can't be any sooner than 91 days after the date the trustee records the notice. (Ariz.

Timelines for distressed borrowers Borrowers have the most protections if a complete application for mortgage assistance is submitted within 120 days of the first missed payment because the servicer is not allowed to start a foreclosure process during those 120 days.

Under federal law, the servicer usually can't start a foreclosure until the borrower is over 120 days delinquent on payments, subject to a few exceptions. (12 C.F.R. § 1024.41). This 120-day period provides most homeowners ample opportunity to submit a loss mitigation application to the servicer.

Basically, a Lis Pendens is written notice that's recorded in the county recorder's records where the real estate is located and that gives notice than an action, a lawsuit involving title to the real estate is pending.

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File Notice Lis Pendens Foreclosure In Phoenix