If an owner of an interest in real property has had a judgment obtained against the owner, this form addresses a release of that judgment lien.
Idaho Release of Judgment Lien is a legal process that allows individuals or entities to remove a judgment lien from their property. A judgment lien is a claim placed on a property by a creditor as a result of a court judgment stating that the owner owes a debt. This lien can hinder the owner's ability to sell, refinance, or transfer the property legally. To release a judgment lien in Idaho, the property owner must file a Release of Judgment Lien form with the appropriate county clerk's office where the lien was recorded. This form must include accurate and specific details about the judgment, such as the case number, the creditor's name, and the court where the judgment was entered. Additionally, the property owner needs to pay a fee to have the lien released. The Release of Judgment Lien essentially acts as evidence that the debt has been paid in full, that a settlement has been reached, or that the judgment has been satisfied in some other way. Once the release is filed, it removes the judgment lien from the property's title, allowing the owner to regain control and potentially improve their financial situation. Different types of Idaho Release of Judgment Lien may include: 1. Satisfaction of Judgment Lien: This type of release occurs when the judgment debtor fulfills their debt obligations and pays the judgment creditor in full. Once the creditor acknowledges receipt of payment, a Satisfaction of Judgment Lien can be filed with the county clerk's office to release the lien. 2. Settlement and Release of Judgment Lien: In some cases, the judgment creditor may agree to settle the debt for a lesser amount or negotiate a payment plan with the debtor. Once both parties have reached an agreement and the creditor receives the agreed-upon payment, a Settlement and Release of Judgment Lien can be filed and recorded. 3. Bankruptcy Discharge of Judgment Lien: If the debtor files for bankruptcy and the judgment debt is discharged, the judgment lien can be released as part of the bankruptcy proceedings. The debtor must provide proof of the bankruptcy discharge and file the appropriate documents with the county clerk to obtain the release. It is important to note that releasing a judgment lien does not negate the underlying debt owed by the debtor. However, it does remove the encumbrance on the property, allowing the owner to regain control and potentially improve their financial standing. Consulting with an attorney or legal professional can ensure the correct procedures are followed to release a judgment lien in Idaho.
