I cannot afford to buy the property from the Bank (they are not willing to discount because the property appraised at $300K more than mortgage), but the property is mostly vacant with no hopes of renters despite all efforts to rent. I plan to sue the guy who isn’t paying on my second, can I file a lis pendens against the property to stall a trustee’s sale?
Although a lis pendens will halt a tradition sale it will not stop a trustee sale. You would need to cure the first and foreclose on your second in order to take control of the property and protect your interest. If the first forecloses on the property and wipes out your interest you may have recourse against the previous owner.