Release Lis Pendens Bonds in Foreclosures

Release Lis Pendens Bonds ForeclosuresMillions of houses faced foreclosure from 2007 through 2011, and real estate analysts believe millions more before the housing crisis is over. One of the hurdles facing foreclosure properties is lis pendens(Release Lis Pendens Bonds Foreclosures). A lis pendens is a legal action blocking the sale of a property. Regardless of a foreclosure filing, the court upholds this legal action. A resource for this situation is a release of lis pendens bond.

A lis pendens is often used to secure payment for an unpaid debt. Meaning an employee who goes unpaid could file a lis pendens affecting the employer’s building. The employer has now gone into default and must sale the property in order to recover. This necessity does not wave the employee’s right to payment. A release of lis pendens bond is required by most states to cover this debt and protect the plaintiff’s right to payment. Courts in most states, including Illinois, California, Florida and Georgia, accept a release of lis pendens bond to allow the sale of property.

Parties who began the lis pendens process are properly notified when a release of lis pendens bond is used. In some situations, those parties may petition against the use of a bond. A member of the Jurisco surety bonding team can share more information with you about these scenarios. Our trained professional have legal experience to help make the release of lis pendens process straightforward and as quick as possible.

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