When does the foreclosure process officially begin?

The foreclosure process officially begins when the lender records a lis pendens. A lis pendens is a legal notice that indicates that a property is subject to litigation, particularly in cases where the lender is pursuing foreclosure due to the borrower's default on the mortgage. Recording this notice serves multiple functions: it alerts potential buyers that there is a claim against the property and establishes the lender's legal right to pursue foreclosure proceedings.

By recording the lis pendens, the lender formally initiates the foreclosure process, making it an essential step in the timeline of events leading to a potential foreclosure sale. It sets the stage for legal action and allows others to be aware of the lender's intent to foreclose, effectively marking the start of the judicial or non-judicial foreclosure proceedings depending on the state.

The other options, while related to the process, do not signify the official start of foreclosure. For instance, applying for hardship assistance may provide a borrower with options to avoid foreclosure but does not initiate the process itself. Similarly, completing a property inspection or the borrower vacating the property are parts of the overall scenario but do not define the official commencement of foreclosure action in legal terms.