The Virginia Release of Judgment Lien is a legal procedure that allows a judgment creditor to release a judgment lien that has been placed on a debtor's property. A judgment lien is created when a judgment is entered by a court against a debtor, and it attaches to any real property owned by the debtor in the county where the judgment is recorded. The Release of Judgment Lien is a vital step in clearing titles and ensuring the debtor's property is free from encumbrances. There are two types of Virginia Release of Judgment Lien: voluntary and involuntary. 1. Voluntary Release of Judgment Lien: This type of release occurs when the judgment creditor willingly releases the judgment lien from the debtor's property. The debtor or their legal representative usually initiates the process by contacting the judgment creditor and negotiating the terms of the lien's removal. Once an agreement is reached, a Release of Judgment Lien document is prepared and recorded with the appropriate county office to formally release the lien. 2. Involuntary Release of Judgment Lien: This release occurs when specific circumstances outlined by Virginia law necessitate the removal of the judgment lien. Some common scenarios where an involuntary release may occur include: — The judgment is satisfied in full, meaning the debtor repays the entire judgment amount along with any accrued interest and costs. — The judgment is discharged in bankruptcy, resulting in the elimination of the debt and subsequent release of the lien. — The judgment becomes unenforceable due to the passage of time, typically 20 years from the date of entry. In such cases, the creditor must provide proof of the expiration to request the release. — The judgment is deemed unenforceable due to improper recording or legal technicalities, and the creditor fails to correct the errors within a specified timeframe. In any of the above circumstances, the debtor or their legal representative can file a request to the appropriate county office to obtain an involuntary Release of Judgment Lien. This process involves submitting the necessary documentation, including proof of satisfaction, discharge, expiration, or other legal justifications for the release. Overall, whether voluntary or involuntary, the Virginia Release of Judgment Lien is a crucial mechanism that ensures debtors can regain control of their property titles, providing them with the freedom to sell, transfer, or mortgage their real estate without the encumbrance of a judgment lien. It is crucial for debtors to understand the process and diligently pursue the release to protect their property rights and financial interests.
Virginia Release of Judgment Lien
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How to fill out Virginia Release Of Judgment Lien?
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You will also need to provide evidence (such as receipts and cancelled checks) showing that the lien has been paid in full, a notarized statement that you have made final payment on the lien, along with returned certified mail addressed to the lender requesting a lien release for your vehicle.
Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
Specify the property or asset that was subject to the lien. Include details such as the address, make and model (if applicable), and any other relevant identifying information. Clearly state the reason for the lien release. This could be due to payment in full, a change in ownership, or any other applicable reason.
Judgment Liens: State Va. Code §8.01-458 and 8.01-251 Expire 20 years from date entered, and may be renewed for an additional 20 years *** If real estate has been conveyed to a BFP, the lien is unenforceable 10 years after date of transfer. Known as ?10 year out of title? rule.
Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.
The Virginia Mechanics Lien Release Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.
Virginia has no requirement that a lien waiver must be notarized. However, if your contract requires a notarized waiver in exchange payment, then the terms of contract apply.
When you pay off your vehicle loan, the lender has 10 days to notify you and must send you the title showing your lien as satisfied. Most lenders participate in DMV's electronic lien program and will ?release? the lien automatically, which triggers DMV to mail you a new title to your address listed in DMV records.
