Partial Release of Judgment Lien
Definition and meaning
A Partial Release of Judgment Lien is a legal document that allows a lienholder to release a portion of their claim against a debtor's property. This document is typically used when a lien has been placed on a debtor's property due to an outstanding judgment. A partial release indicates that the lien is expunged from a specific property while retaining the lien on other properties owned by the debtor.
How to complete a form
Completing a Partial Release of Judgment Lien involves several straightforward steps:
- Begin by providing your name and contact information at the top of the document.
- Specify the state and county where the judgment lien was recorded.
- Detail the original principal sum of the judgment and any accrued interest or costs.
- Identify the debtor's name and the associated case number.
- Describe the property affected by the lien.
- Clearly state that this is a partial release and does not affect other properties owned by the debtor.
- Include the date of execution and the signatures where necessary.
Lastly, have the document notarized by a licensed notary public to ensure its validity.
Who should use this form
This form is essential for lienholders who have obtained a judgment against a debtor and wish to partially release their claims on specific properties. It is particularly useful for creditors who are willing to release a debtor’s property from a lien after receiving partial payment or want to facilitate a property transaction. If you are a creditor, such as a bank or an individual lender, this form is applicable to you.
Legal use and context
A Partial Release of Judgment Lien is used in various legal contexts, particularly in real estate transactions. When a debtor sells a property that has a lien against it, this form can help clear the title for the buyer, provided that the lienholder agrees to release the lien on that specific property. This process helps facilitate smoother transactions for both the debtor and the buyer while protecting the lienholder's rights to other properties.
Common mistakes to avoid when using this form
When completing the Partial Release of Judgment Lien, be sure to avoid the following common errors:
- Failing to include all parties' names and signatures.
- Neglecting to accurately describe the property being released from the lien.
- Using incorrect case or file numbers.
- Not having the document notarized, which could invalidate the release.
- Assuming that a partial release affects all properties without clearly indicating the intended limitations.
Form popularity
FAQ
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
The debtor must get a discharge or release of the abstract of judgment to remove the lien from the home. Contact the judgment creditor shown on the abstract. Arrange to pay the debt in full or negotiate payments. Ask the creditor for a discharge if paying in full.
Key Takeaways. A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
There are a few ways you can satisfy or avoid a lien altogether. The firstand most obviousoption is to repay the debt. If you pay off your obligation, the creditor will remove the lien. This is done by filing a release through the same place the lien was recordedthe county or state.