anatomy of lis pendens - questions on process

[Daria B.]

I found a property today in a highly rentable area. I pass this house enough that I thought it strange it was not rented or had a for rent sign. Today I walked up on the property after seeing a paper posted on the window. I've seen enough of these from a distance to know it had to be some sort of seizure.

The notice said that the property had been deemed vacant or abandoned. I peeked inside to find a disarray of items strewn about in the front room. I've never seen any vehicles so I do believe it is abandoned.

I did some research and found a lis pendens filed on 8/19/2015. Prior to that this year one of the owners passed away. This leave the other two, I suspect, to deal with the property. The property had a current 1st mortgage of at least $151k. I'm guessing since their is no release I could find for the filed mortgage back in 2006. Did some simple math based on the purchase and date so the $151 is a rough figure. The owners have never lived in it as there has never been an exemption. They rented it for sure.

It doesn't look like there are any tax certificates but I need to verify that with the tax office.

For those that deal in foreclosure, I realize the lis pendes is the first step, what do I need to do to see about getting this property. At the very least, seeing the inside and getting in touch with the right people whether it's the owners or the bank or the attorney on the filed lis pendens.

Do I wait for this to run it's course that it gets to the foreclosure or is there something I can do now?

thanks....

[Wayne Brooks]

@Daria B. Huh?  There is No equity if the property is worth $115k or so, and the loan balance is $151k....it's upside down $35k or so, and is a definite short sale.  Equity is the spread that the house value is Greater than the mortgage balance, which creates some "value".

There IS a case number somewhere near the top of the recorded LP, and it looks like mentioned above.