Lis Pendence / Foreclosure

[JnR6874]

What is the name of your state? NY

Simple questions,
1) "Can the owner of the home still sell their home after recieving the lis pendence or can the bank stop them from doing so?"
2) "At what point do owners lose their right of ownership or ability to sell their Home?"

This timeline is important.
Thank you

[justalayman]

the bank does not stop them from selling it. What the lis pendens is is a notification to all prospective purchasers that there is a legal matter concerning the property. If a person wants to purchase the property with the lis pendens in place, they can but they are subject to whatever it was placed for just as the original owner is.

only a fool would purchase a property with a lis pendens filed unless he is speculating the suit against the property will not be successful.

[FlyingRon]

Originally Posted by justalayman

only a fool would purchase a property with a lis pendens filed unless he is speculating the suit against the property will not be successful.

Or he makes the proper contingencies in his contract.

[seniorjudge]

1) "Can the owner of the home still sell their home after recieving the lis pendence
or can the bank stop them from doing so?"

A: Yes.


2) "At what point do owners lose their right of ownership or ability to sell their Home?"

A: When they no longer own it.