Real Estate Law
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A lis pendens is just "notice to the world" that the property is in dispute. It isn't normally involved in a summary judgment in any manner and it isn't required that a lis pendens be in place to obtain a summary judgment.
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No, it has no effect on the bank's rights at all. They aren't required to file a lis pendens before filing a lawsuit or being involved in a lawsuit.
We're talking about a summary judgment and not a entry of judgment for foreclosure. A summary judgment can cover a lot of different things.
And the notice required by Sec. 1331 is not strictly a Lis Pendens. If you read the statute it contains more information than a standard Lis Pendens.
The answer is still the same. There can be a Summary Judgment order issued and then before the order directing a sale is entered the notice required by 1331 can be filed.