Legal Question in Real Estate Law in California

A lis pendens is nothing but a notice of a pending lawsuit that affects ownership of the property. So you have to file a lawsuit first. That would almost certainly cost more than the bankruptcy filing.

AND, unless the lawsuit is against the bank that is foreclosing, it will not affect the forclosure at all.

AND, even if it is against the bank, the bank may still foreclose and then just deal with the lawsuit.

ONLY the bankruptcy filing, or a lawsuit in which you obtain an injunction, will stop the foreclosure.

OR coming current on the loan, of course.

No. Properties affected by a lis pendens are foreclosed all the time. A lis pendens is only a notice that a lawsuit affecting title or possession of the property is currnetly on file and under way. Further, improper filing and recording of a lis pendens may get you into further trouble as a "slander of title" making you liable for any reduction in the proceeds of foreclosure due to the lis pendens. Finally, the filing and recording of a lis pendens by an in pro. per. plaintiff must be approved by a judge in advance.