Illinois Release of Judgment Lien - Abstract of Judgment
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How to fill out Release Of Judgment Lien - Abstract Of Judgment?
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FAQ
A judicial lien is created when a court grants a creditor an interest in the debtor's property, after a court judgment.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment lien, sometimes referred to as an ?abstract of judgment,? is an involuntary lien that is filed to give constructive notice and is to attach to the Judgment Debtor's property and/or assets.
Unless the judgment is earlier satisfied or the judgment lien is released, a real property judgment lien typically remains in effect for 10 years from the date of entry of the judgment. See CCP § 697.310(b).
Typically, it's the responsibility of the seller to pay off the lien on his or her property on or before the day of closing. Most liens are paid off from the proceeds of the sale at the time of closing.
An abstract of judgement creates a lien on any real estate property owned by the judgement debtor in the county in which the abstract of judgment is recorded. Issuance procedure and contents of ?abstract of judgment? varies ing to statutes.
Remember, tax liens always take the highest priority among other liens. If a mortgage lien exists on a property and a tax lien is created, the tax lien will take first priority even though it was created after the mortgage lien.
A lien is a legal document that is attached to real estate. A court judgment must be recorded with the Recorder of Deeds in the county where the property is located in Illinois before it can be enforced. Even if the property is situated in the same county as the judgment, the creditor must record the judgment.
A creditor gets a judgment lien by winning a lawsuit against you, like if you don't pay a credit card debt. While creditors have numerous options to collect on a debt, creditors often use judgment liens as the primary way to ensure you pay the debt off. The creditor first obtains a judgment against you.
