Partial Release of Judgment Lien
Understanding this form
The Partial Release of Judgment Lien is a legal document used to release a specific property from the encumbrance of a judgment lien. Unlike a full release, this form allows a creditor to remove the lien from selected property while retaining the lien against other assets owned by the debtor. This form is essential for creditors who wish to facilitate the sale or refinancing of specific property without relinquishing their claims against the debtor's other properties or assets.
Key components of this form
- Identification of the lienholder and debtor.
- Details of the original judgment, including the principal sum, interest, and costs.
- Description of the property being released from the lien.
- A statement affirming that the release is partial and does not affect other liens.
- Signature line for the lienholder and acknowledgment section for notarization.
Common use cases
This form should be used when a creditor wishes to partially release a judgment lien on a specific property while maintaining the lien on other assets of the debtor. Common scenarios include real estate transactions, refinancing, or selling the property where a judgment lien exists. It is vital to ensure that the release accurately reflects the creditor's intentions and the properties involved.
Who should use this form
This form is appropriate for:
- Creditors holding a judgment lien who want to release a portion of their lien.
- Debtors seeking to facilitate the sale or refinancing of specific property.
- Real estate professionals or attorneys involved in property transactions with existing judgment liens.
How to prepare this document
- Identify and enter the names of the lienholder and the debtor.
- Specify the original principal amount of the judgment, along with interest and costs.
- Provide the date when the judgment was filed and the location of the property.
- Clearly describe the property being released from the lien.
- Sign the form as the lienholder and complete the acknowledgment for notarization.
Does this document require notarization?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Common mistakes
- Failing to specify the correct property details, which can lead to legal complications.
- Not clearly stating that the release is partial, which may confuse future creditors.
- Neglecting to have the form notarized, potentially rendering it invalid.
Why complete this form online
- Convenience of accessing the form from anywhere, at any time.
- Editable templates that allow for customization based on specific needs.
- Reliability of professionally drafted forms ensuring compliance with legal standards.
State-specific requirements
This form is a general template that may be used in several states. Because requirements differ, review your state’s laws and adjust the document before using it.
Form popularity
FAQ
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
The debtor must get a discharge or release of the abstract of judgment to remove the lien from the home. Contact the judgment creditor shown on the abstract. Arrange to pay the debt in full or negotiate payments. Ask the creditor for a discharge if paying in full.
Key Takeaways. A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
There are a few ways you can satisfy or avoid a lien altogether. The firstand most obviousoption is to repay the debt. If you pay off your obligation, the creditor will remove the lien. This is done by filing a release through the same place the lien was recordedthe county or state.