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Alabama
Lis Pendens Notice in Connection with Action to Foreclose

Alabama Lis Pendens Notice in Connection with Action to Foreclose

Category:

Real Estate - Lis Pendens

State:

Multi-State

Control #:

US-01458BG

Format:

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 financiers 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.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Lis Pendens Notice In Connection With Action To Foreclose?

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FAQ

Once a lender flags a borrower for missing their loan payments, they send a Notice of Default (NOD). A NOD is a court-filed public notice that declares the borrower has defaulted on their loan. As the name suggests, this is a letter from the lender to the borrower notifying them of their missed payments.

A deed in lieu of foreclosure is a document that transfers the title of a property from the property owner to their lender in exchange for relief from the mortgage debt. Choosing a deed in lieu of foreclosure can be less damaging financially than going through a full foreclosure proceeding.

The right of redemption allows the original owner to redeem the property by paying off back taxes and/or liens against the property within one year of the date of the foreclosure sale. The redemption period for homestead property is 180 days.

A Deed in Lieu does not clear second (or even third) mortgages, and therefore will not allow the lender to take clear title to the property. (These are sometimes referred to as junior liens.) And if the Deed in Lieu is accepted, the secondary lender may come after you for the deficiency.

Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.

Yes, a deed in lieu of foreclosure harms your credit, but less so than a foreclosure would. If you obtain a deed in lieu, your mortgage will be listed on your credit reports as closed with a zero balance, but not paid in full. This is a negative entry that will remain on your credit report for up to seven years.

Similar to a short sale, a deed in lieu of foreclosure likely will not damage your credit as severely as a foreclosure or a bankruptcy. As noted above, the burden of selling your home shifts to someone else, so it may be more appealing than a short sale.

Lis Pendens for Real Estate Located in Alabama A Lis Pendens is recorded at the probate court when the essence of the matter is related to real property described in the Lis Pendens. In the case of a Mechanics Lien, the Lis Pendens is filed after the judgement has been proclaimed and foreclosure is started.

Alabama Lis Pendens Notice in Connection with Action to Foreclose

Description

Related forms

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How to fill out Lis Pendens Notice In Connection With Action To Foreclose?

Form popularity

FAQ

What does pre foreclosure NOD mean?

What is a deed in lieu of foreclosure in Alabama?

What is the right of redemption on a foreclosure in Alabama?

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?

What is one disadvantage of a deed in lieu foreclosure?

Is a deed in lieu bad?

What is the benefit of deed in lieu of foreclosure compared to short sale?

What is a notice of lis pendens in Alabama?

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Alabama Lis Pendens Notice in Connection with Action to Foreclose

Description

Related forms

Viewed forms

How to fill out Lis Pendens Notice In Connection With Action To Foreclose?

Form popularity

FAQ

What does pre foreclosure NOD mean?

What is a deed in lieu of foreclosure in Alabama?

What is the right of redemption on a foreclosure in Alabama?

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?

What is one disadvantage of a deed in lieu foreclosure?

Is a deed in lieu bad?

What is the benefit of deed in lieu of foreclosure compared to short sale?

What is a notice of lis pendens in Alabama?

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