This is a form of a Partial Release of Judgment Lien.
A Michigan Partial Release of Judgment Lien refers to a legal document that allows a creditor to release a portion of their recorded judgment lien on a debtor's property. This release is granted under certain circumstances where the debtor has made a partial payment or negotiated a settlement agreement to satisfy a portion of the debt. In Michigan, there are different types of Partial Releases of Judgment Liens, which include: 1. Voluntary Partial Release: This type of release occurs when the creditor voluntarily agrees to release a portion of the judgment lien upon receiving a partial payment from the debtor. The remaining lien amount will still remain on the property until fully satisfied. 2. Court-Ordered Partial Release: In some cases, the court may order a partial release of the judgment lien based on the debtor's request or upon agreement between both parties. This typically happens when the debtor can demonstrate that a partial release is fair and reasonable, given their financial situation or other mitigating circumstances. 3. Rehabilitation Partial Release: Under Michigan law, a debtor who has successfully completed a court-approved rehabilitation program may be eligible for a partial release of their judgment lien. This type of release aims to support the debtor's efforts to rehabilitate and reestablish their financial stability. 4. Settlement Partial Release: When a debtor and creditor reach a settlement agreement, the creditor may agree to release a portion of the judgment lien upon the debtor's compliance with the settlement terms. This allows the debtor to satisfy a fraction of the debt and potentially regain a degree of financial flexibility. It is important to note that a partial release of a judgment lien does not completely eliminate the debt owed by the debtor. The remaining lien amount will continue to be enforceable until the full judgment is satisfied or released. The credibility and negotiation skills of the debtor may greatly influence the possibility of obtaining a partial release of a judgment lien in Michigan. Overall, a Michigan Partial Release of Judgment Lien serves as a mechanism to provide debtors with some relief from their financial obligations while still upholding the creditor's right to recover the outstanding debt.
