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.
Maine Release of Judgment Lien — Abstract of Judgment refers to a legal mechanism used in the state of Maine to release a judgment lien that has been placed against a property. When a judgment lien is filed against a property, it means that the property owner owes a debt to a creditor or has lost a lawsuit and must satisfy a monetary judgment. The purpose of the Release of Judgment Lien is to remove this lien from the property's title once the debt or judgment is settled. There are two main types of Maine Release of Judgment Lien — Abstract of Judgment: 1. Voluntary Release of Judgment Lien: In this scenario, the property owner voluntarily satisfies the judgment or debt by making a payment to the creditor. Once the payment is received and verified, the creditor files a Voluntary Release of Judgment Lien with the appropriate Maine court. This document serves as an official notice that the judgment lien has been released from the property, clearing it from any encumbrances. 2. Judicial Release of Judgment Lien: This type of release occurs when the property owner successfully challenges the validity of the judgment, proves that the debt has been fully satisfied, or secures a court order to have the lien released. The property owner must file a motion or petition with the court explaining the reasons for the release. If the court finds the claims valid, it will issue an order for the Judicial Release of Judgment Lien to remove the encumbrance from the property's title. Both types of Maine Release of Judgment Lien — Abstract of Judgment are crucial for ensuring that the property's marketability and value are restored. Once the release is recorded with the county registrar or clerk's office, it becomes part of the official public records, indicating to potential buyers or lenders that the property is free from any judgment liens. Property owners in Maine should be aware of their rights and obligations when dealing with judgment liens. Whether they choose to satisfy the judgment voluntarily or contest it through legal means, seeking legal advice from an attorney specializing in real estate and civil litigation is highly recommended. Resolving judgment liens promptly and effectively can prevent complications in future property transactions and safeguard the property owner's financial interests.
