It’s really a matter of fact that you are in danger. A lis pendens does not stop or prevent foreclosure at all, as it is merely a document serving notice upon any other party that is researching the particular property affected by the document. However, one of the biggest advantages associated with a foreclosure bailout loan in the real estate area is that the lender may sometimes write what is known as negative amortization loan.
There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. The party holding the lien asks the court for a judgment against the owner for the unpaid amount of the debt together with attorney fees and foreclosure costs.
Foreclosure occurs when your lender repossesses your home because you have defaulted on your mortgage loan or home equity line of credit. So the lender can refuse partial payments and continue with the foreclosure. A date for the foreclosure sale is often, but not always, scheduled at the end of the foreclosure hearing before the clerk of superior court, if the clerk enters an order allowing the trustee to proceed with foreclosure.
In most states foreclosure is a legal process and your mortgage lender has to serve papers stating that your home is being foreclosed. But if you continue to miss payments and at the same time ignore the late payment notices sent by the lender, then your bank will be forced to evoke the acceleration clause, wherein the lender can demand that you pay your mortgage in full.
If they do not, the court will tender a judgement in favor of the lender, instructing that the home will be sold at a “Sheriff’s Sale” auction. It would be bad at any time, but it is especially bad now, given the trend in mortgage arrears, foreclosures and repossessions.