Detroit Michigan Notice of Lis Pendens regarding Nonpayment of Promissory Note Action

• Category: Michigan Court Samples - Promissory Notes - Nonpayment
• State: Michigan
• City: Detroit
• Control #: MI-BM-030
• Format: PDF

Description

Notice of Lis Pendens regarding Nonpayment of Promissory Note Action A Detroit Michigan Notice of Li's Pendent regarding Nonpayment of Promissory Note Action is a legal document that is typically filed by a creditor or lender when a borrower fails to make payments on a promissory note. This notice serves as a public notification to potential buyers or interested parties that there is a pending legal action related to the property in question. The purpose of filing a Notice of Li's Pendent is to protect the creditor's interests and establish their claim on the property. By filing this notice, the creditor notifies the public that they have a legal interest in the property and that any subsequent transactions or transfers involving the property will be subject to the outcome of the pending lawsuit. In Detroit, Michigan, there are different types of Notice of Li's Pendent that can be filed regarding nonpayment of promissory note actions. These may include: 1. Li's Pendent — Nonpayment of Promissory Note: This is the general type of notice filed when a borrower defaults on their promissory note payments. It signifies that the lender has initiated legal proceedings to enforce their rights and recover their debt. 2. Li's Pendent — Foreclosure Action: This notice is specific to cases where the nonpayment of the promissory note has led to a foreclosure action. It indicates that the lender has initiated foreclosure proceedings against the borrower, and any subsequent sale or transfer of the property will be subject to the outcome of the foreclosure lawsuit. 3. Li's Pendent — Judicial Sale: When a lender pursues a judicial sale of the property to recover their debt, this notice is filed. It alerts potential buyers that the property is being sold through a court-ordered process, and any subsequent purchase will be subject to the court's approval and the outcome of the pending legal action. 4. Li's Pendent — Redemption Period: In certain cases, borrowers are granted a redemption period after a foreclosure sale, during which they have the opportunity to reclaim their property by paying off the outstanding debt. This notice is filed to establish that the property is subject to a redemption period and that any potential buyers should be aware of this legal right. In conclusion, a Detroit Michigan Notice of Li's Pendent regarding Nonpayment of Promissory Note Action is a legal notification that signals a pending legal action involving a borrower's failure to make payments on a promissory note. By filing this notice, creditors protect their interests and establish their claim on the property in question. The specific types of notices vary based on the circumstances, including foreclosure actions, judicial sales, and redemption periods.

A Detroit Michigan Notice of Li's Pendent regarding Nonpayment of Promissory Note Action is a legal document that is typically filed by a creditor or lender when a borrower fails to make payments on a promissory note. This notice serves as a public notification to potential buyers or interested parties that there is a pending legal action related to the property in question. The purpose of filing a Notice of Li's Pendent is to protect the creditor's interests and establish their claim on the property. By filing this notice, the creditor notifies the public that they have a legal interest in the property and that any subsequent transactions or transfers involving the property will be subject to the outcome of the pending lawsuit. In Detroit, Michigan, there are different types of Notice of Li's Pendent that can be filed regarding nonpayment of promissory note actions. These may include: 1. Li's Pendent — Nonpayment of Promissory Note: This is the general type of notice filed when a borrower defaults on their promissory note payments. It signifies that the lender has initiated legal proceedings to enforce their rights and recover their debt. 2. Li's Pendent — Foreclosure Action: This notice is specific to cases where the nonpayment of the promissory note has led to a foreclosure action. It indicates that the lender has initiated foreclosure proceedings against the borrower, and any subsequent sale or transfer of the property will be subject to the outcome of the foreclosure lawsuit. 3. Li's Pendent — Judicial Sale: When a lender pursues a judicial sale of the property to recover their debt, this notice is filed. It alerts potential buyers that the property is being sold through a court-ordered process, and any subsequent purchase will be subject to the court's approval and the outcome of the pending legal action. 4. Li's Pendent — Redemption Period: In certain cases, borrowers are granted a redemption period after a foreclosure sale, during which they have the opportunity to reclaim their property by paying off the outstanding debt. This notice is filed to establish that the property is subject to a redemption period and that any potential buyers should be aware of this legal right. In conclusion, a Detroit Michigan Notice of Li's Pendent regarding Nonpayment of Promissory Note Action is a legal notification that signals a pending legal action involving a borrower's failure to make payments on a promissory note. By filing this notice, creditors protect their interests and establish their claim on the property in question. The specific types of notices vary based on the circumstances, including foreclosure actions, judicial sales, and redemption periods.