What is a ‘Pendente Lite’ Sale?

A pendente lite sale is a sale of the property upon application of an interested party through a receiver or a sheriff prior to the obtainment of a final judgment of foreclosure, when the property is likely to decrease in value, and the continuing preservation of the property is not feasible, given the diminishing potential return on the property

Any party to the action can make an application for a pendente lite sale of the mortgaged premises prior to sheriff’s sale. This procedure allows the creditor to prevent the mounting expenses to secure the property during the foreclosure procedure and to prevent the further decrease in value of the mortgaged premises. It is a life raft for the secured creditor on a sinking ship.