This is a form of a Partial Release of Judgment Lien.
The Alabama Partial Release of Judgment Lien refers to a legal process that allows a creditor to release a portion of a judgment lien on a debtor's property. This release grants the debtor the ability to sell or transfer a specific portion of the property without the encumbrance of the full judgment lien. In Alabama, there are different types of partial releases of judgment liens available, each catering to specific circumstances. Some common types include: 1. Percentage-Based Partial Release: This type of partial release allows the creditor to release a specific percentage of the judgment lien, enabling the debtor to sell or transfer that portion of the property. For instance, a creditor can release a 50% partial release of a judgment lien, permitting the debtor to sell or transfer half of the property's value. 2. Specific Property Partial Release: In this scenario, the judgment lien is partially released on a particular property instead of a percentage basis. For example, a creditor may choose to release the lien on a specified parcel of land within a larger property, which allows the debtor to deal with that specific portion alone. 3. Time-Based Partial Release: This type of partial release lasts for a specific duration. It gives the debtor a temporary reprieve from the judgment lien, usually for a predetermined period. This release allows the debtor to take necessary actions, such as refinancing or precipitating a sale, within the designated timeframe without interference from the judgment lien. 4. Value-Based Partial Release: This type of release is based on the property's current market value. The creditor may choose to release a specific value of the judgment lien, allowing the debtor to deal with an equivalent portion of the property's worth. For example, a creditor can grant a $50,000 partial release, enabling the debtor to utilize that amount of value from the property. Overall, the Alabama Partial Release of Judgment Lien provides flexibility for debtors burdened by a judgment lien, enabling them to handle specific portions of their property without the complete encumbrance of the lien. These different types of partial releases offer various options to debtors, empowering them to manage their financial situations in a more manageable and strategic manner.
