If an owner of an interest in real property has had a judgment obtained against him or her, this form addresses a release of that judgment lien.
A Mississippi Release of Judgment Lien by Creditor refers to a legal document that serves as proof of the complete or partial release of a judgment lien on a debtor's property by the creditor. This release removes the lien, which was previously attached to the property to secure the debt owed by the debtor. The creditor acknowledges that the debt has been satisfied, resolved, or otherwise paid off, and they no longer have any claim or interest in the property. In Mississippi, there are two types of Release of Judgment Lien by Creditor that can be utilized: 1. Complete Release of Judgment Lien: This type of release is issued when the full amount of the underlying debt has been entirely settled by the debtor. Once the creditor receives payment in full, they issue the complete release, extinguishing the judgment lien on the debtor's property. This document ensures that the debtor's property is no longer encumbered by the lien. 2. Partial Release of Judgment Lien: In cases where the debtor has made a partial payment towards the debt but hasn't fully satisfied it, a partial release of the judgment lien may be obtained. This release acknowledges the partial payment made by the debtor, removes the lien on the property to the extent of the payment made, and preserves the remaining lien balance until the debt is fully resolved. The Mississippi Release of Judgment Lien by Creditor document typically contains essential information such as the names and addresses of both the creditor and debtor, details of the judgment that led to the lien, the amount of the debt, the date of the judgment, and the court case number. Additionally, the release document will specify whether it is a complete or partial release and describe the property to which the lien was attached. It is crucial for both the creditor and debtor to have a copy of the release of judgment lien as it acts as evidence that the lien has been satisfactorily released. The debtor can use this document to show potential buyers or lenders that their property is free from any encumbrances resulting from the judgment lien. Similarly, the creditor can provide this release to demonstrate that they no longer have any claim on the property. In conclusion, a Mississippi Release of Judgment Lien by Creditor is a vital legal document that signifies the removal of a judgment lien on a debtor's property. Whether it is a complete or partial release, this document ensures that the debtor's property is no longer encumbered by the lien, thereby benefiting both parties involved.
