Florida is a judicial state, which means that when action is taken to foreclose on a home, a notice of lis pendens must be filed in the county where the property is located. A lis pendens in Florida is the necessary formal notice to alert the world of the pendency of a lawsuit concerning title to or possession of land. It imparts constructive notice to the world of the claims of the litigants.
The lis pendens is the formal document that is recorded separate and apart from the underlying complaint and lawsuit. It creates a warning on the title to the property and hinders the ability to sell the property. It is really nothing more than a separate document that is recorded with the Clerk of Court with the sole purpose of alerting the world of the pending litigation involving the property.
Lenders traditionally file a lawsuit to foreclose on a home along with a notice of lis pendens. When this information is filed, it becomes available to the public.
The lis pendens is an important document in any foreclosure action. That is because parties who acquire an interest in the mortgaged property with notice of the foreclosure proceedings are bound by the foreclosure decree just as if they had been named party defendants.
In sum, the filing of a lis pendens typically triggers the start of the foreclosure process together with the filing of the formal complaint and summons.
Being in a foreclosure is a stressful situation. But there are alternatives available to help address the foreclosure.
There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it. Contact us today.