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.
A New York Release of Judgment Lien, also known as an Abstract of Judgment, refers to a legal document that serves to lift or clear a judgment lien from a debtor's property. It is an important step in the debt collection process, as it allows the debtor to regain ownership and control over their property, free from the encumbrance of the judgment lien. In New York, there are two main types of Releases of Judgment Lien — Abstracts of Judgment: 1. Voluntary Release: This type of release occurs when the creditor, or the party who obtained the judgment, willingly acknowledges the satisfaction of the debt. The creditor files a Voluntary Release of Judgment Lien with the appropriate court or County Clerk's Office, providing evidence of the debt's full settlement or the debtor's successful payment arrangement. Once approved, the abstract of judgment is released, lifting the lien from the debtor's property. 2. Court-Ordered Release: In some cases, the court may find grounds to release a judgment lien, even if the debt has not been fully satisfied. This typically occurs when the debtor demonstrates an inability to repay the debt or proves that the lien is causing undue hardship. To obtain a court-ordered release, the debtor must file a motion with the court, providing supporting evidence for their claim. The judge will then review the case and make a decision based on the circumstances presented. Other related keywords for New York Release of Judgment Lien — Abstract of Judgment include— - Judgment Lien Discharge: This refers to the act of removing the judgment lien from the debtor's property upon the successful completion of a Voluntary Release or a court-ordered release. — Judgment Debtor: A judgment debtor is an individual or entity against whom a judgment has been entered, and a judgment lien may be placed on their property to secure the debt owed. — Satisfaction of Judgment: This term indicates that the judgment has been fully paid or settled, resulting in the satisfaction or discharge of the underlying debt. — County Clerk's Office: The County Clerk's Office is the government entity responsible for receiving and filing various legal documents, including Releases of Judgment Lien — Abstracts of Judgment— - Debt Collection: The process of pursuing the repayment of a debt, often involving legal action and judgment liens if the debtor fails to pay voluntarily. — Encumbrance: A claim or lien that affects the title or ownership of a property, limiting its transfer or sale until the debt is resolved. — Successful Payment Arrangement: An agreement between the creditor and the debtor, outlining a structured plan for repaying the debt over a specified period. Once the debtor fulfills their payment obligations, a Voluntary Release can be filed. Overall, a New York Release of Judgment Lien — Abstract of Judgment is a crucial legal procedure that allows debtors to regain control of their property by removing the judgment lien. Whether through a Voluntary Release or a court-ordered release, debtors can achieve debt satisfaction and move forward without the burden of a judgment lien on their assets.
