When does the foreclosure process officially begin?

The foreclosure process officially begins when the lender records a lis pendens. A lis pendens, which translates to "pending lawsuit," is a formal notice that a legal action is pending concerning the ownership of a property. This document serves to inform all interested parties that there is an ongoing legal proceeding that affects the property, providing a crucial step for the lender to assert their claim to the property in question.

This recording is required by law in many jurisdictions to provide transparency and ensure that anyone who might consider purchasing the property is aware of the pending legal issues. Once the lis pendens is recorded, it marks the official start of the foreclosure process, as it signifies that the lender is moving forward with initiating legal action to reclaim the debt secured by the property.

The other options do not mark the official beginning of the foreclosure process. Listing a property for sale does not involve legal proceedings related to foreclosure. Filing for bankruptcy may impact the foreclosure process but does not initiate it. A deed transfer, while it may signify a change in property ownership, is also not related to the initiation of a foreclosure. Therefore, the recording of a lis pendens by the lender is the correct event that initiates the foreclosure process.