If you've received a lis pendens notice in Florida, you're not alone — and you're not out of options. Florida is one of the states most affected by foreclosures, but the good news is that there are several paths forward. The key is acting quickly and getting the right guidance.
What Is a Lis Pendens?
A lis pendens (Latin for "suit pending") is a formal notice that a lender has filed a foreclosure lawsuit against you. In Florida, which is a judicial foreclosure state, this is the first step in the process. It doesn't mean you've lost your home — it means the clock is ticking and you have time to act.
Your Options
1. Loan Modification
If you want to keep your home, a loan modification changes the terms of your mortgage — potentially lowering your interest rate, extending the loan term, or reducing the principal balance. Your servicer may be willing to modify rather than foreclose.
2. Short Sale
If you owe more than your home is worth, a short sale allows you to sell the property with your lender's approval for less than the outstanding mortgage balance. As a CDPE and SFR certified agent, I negotiate short sales regularly and can guide you through the process. A short sale typically has less impact on your credit than a foreclosure.
3. Deed-in-Lieu of Foreclosure
You voluntarily transfer the property deed to the lender in exchange for being released from the mortgage obligation. This avoids the formal foreclosure process and can be faster and less damaging to your credit.
4. Traditional Sale
Even with a lis pendens, you can still sell the property on the open market. If there's enough equity (or if the market has improved enough), a traditional sale may satisfy the debt and stop the foreclosure.
5. Bankruptcy
Filing for bankruptcy triggers an automatic stay that temporarily stops foreclosure proceedings. While this isn't a long-term solution, it can buy time to explore other options. Consult with a bankruptcy attorney for advice specific to your situation.
How Quickly Should I Act?
Florida's foreclosure process typically takes 6-12 months, but the sooner you act, the more options you have. Many of the best solutions — particularly short sales — take time to negotiate. Don't wait until you're out of time.
Next Steps
If you're facing foreclosure, the most important thing you can do is talk to someone who understands the process. I've been helping homeowners navigate these situations for over 30 years. I offer a free, no-pressure consultation to review your specific situation and explain your options.
Please allow me the honor of serving you and your real estate needs.
Free Foreclosure Consultation
No pressure. No obligation. Just honest advice about your options.
With over 40 years in real estate and 30 years exclusively in REO and distressed sales, Randy brings unmatched experience to every transaction. Licensed as a Broker, Mortgage Broker, and Title Agent in Florida.