Illinois Lis Pendens Notice in Connection with Action to Foreclose

State:
Multi-State
Control #:
US-01458BG
Format:
Word; 
Rich Text
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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FAQ

(sc.Default) A notice of lis pendens under Illinois law for filing in the public records (the office of the county recorder) to provide constructive ...

Lis pendens is a formal notice that there is a pending action, or lawsuit, that could affect the title of the property. However, it serves an even bigger purpose. When a lis pendens is filed, any future transfers of the property are affected by the pending action if it were to be awarded.

A lis pendens can substantially benefit the person who is suing. This is because it usually serves as a claim against the property for any damages that might be awarded in the lawsuit. Most buyers will not purchase property involved in litigation or will only purchase the property at a discount.

In Illinois, your mortgage loan will automatically default after 90 days without payment. At this point, your lender will send a Notice of Default (NOD), which serves the purpose of informing you of their intent to foreclose on your property due to lack of payment.

A Lis Pendens is considered constructive notice once recorded in the county where the property is located, subsequent buyers or lien holders would be bound by the outcome of the case, (for the purposes of this Section, be deemed a subsequent purchaser and shall be bound by the proceedings to the same extent and in the ...

A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that exists pertaining to the property.

What You Should Do About a Lis Pendens on Your Property. If you have a lis pendens on your property, you need to contact an attorney as soon as possible. A Motion to Expunge should be filed as soon as possible. If you aren't sure about the details of the action filed, you can request information from the court clerk.

In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can.

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Illinois Lis Pendens Notice in Connection with Action to Foreclose