What does a LIS PENDENS AND NOTICE OF FORECLOSURE MEAN?

A Lis Pendens is a document which is recorded at the county recorder of deeds office. After it is recorded, everyone is deemed to have notice that there has been an action filed that affects the real property identified that is the subject of the foreclosure action. It essentially is a notice that a legal action is "pending" that could affect others' rights in the property. In a foreclosure context, a Lis Pendens is usually recorded by the foreclosing bank to notify others that the foreclosure action is pending

It means that the foreclosure has just been filed and that you have either just been served with foreclosure papers or will be served soon. Now is the best time to consult with an attorney. If you are defending yourself, the foreclosure process usually lasts about a year from the time of service before you have to be out of the home. If you have an attorney the foreclosure process will last 2-3 years and your attorney will be able to better litigate any defenses that you have compared to if you are proceeding pro se.

It means that everyone is now on notice that the bank or mortgage lender is bringing a foreclosure action against the owner of the home for failing to honor the terms of the loan. If you are not the homeowner, but just a tenant, it has no meaning for you and you must continue to pay rent to the landlord. If you are the homeowner, however, you should immediately consult with and retain the services of a foreclosure defense attorney in your area.