Definition of Lis Pendens:
Lis Pendes/Notice of Default, Orange County:
We call this a notice of default (NOD) in Orange County. This is a public document filed by a lender that notifies a borrower that he has behind on their mortgage and they plan on foreclosing on the property if they do not remedy the situation. The receipt of this document begins the foreclosure process in which the lender will repossess the home and take possession of it. With this being said, the borrower still has a brief opportunity to try and sell the home as a short sale (with the bank or lenders permission because they will be incurring a loss) or refinance with another lender to stay in the home – this can be tricky though because the mortgage is likely showing up as delinquent on the credit report and the new lender would require this to be current before they would make the loan – if the borrower had this money, wouldn’t they just bring their existing first mortgage current? There other option would be to secure a private money or hard money loan as a last option – in this circumstance that should expect a big-bump in their existing interest rate. The home is considered to be in pre-foreclosure from the time a lis pendens (in a notice of default standing) is filed until the property is sold at an auction.