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.
Keywords: Virginia, Release of Judgment Lien by Creditor, types Description: A Virginia Release of Judgment Lien by Creditor refers to the legal process by which a creditor releases a judgment lien placed on a debtor's property in Virginia. When a creditor obtains a judgment against a debtor, they may file a lien on the debtor's property to secure the debt. However, there are situations where the creditor may choose to release the lien, either voluntarily or due to certain circumstances. Types of Virginia Release of Judgment Lien by Creditor may include: 1. Voluntary Release: This type occurs when the creditor willingly decides to release the judgment lien on the debtor's property. The creditor may choose to do so if the debt has been paid off, if there is a settlement agreement, or if they decide to forego the lien for other reasons. 2. Satisfied Judgment: When the judgment creditor receives full payment of the outstanding debt, they file a satisfaction of judgment with the court, indicating that the debt has been fully paid. This leads to the automatic release of the judgment lien. 3. Partial Release or Subordination: In some cases, the creditor may agree to release or subordinate a portion of the lien. This usually happens when the debtor is refinancing or selling a property, and the creditor agrees to release or subordinate the lien to allow for the transaction to proceed. 4. Expiration of Lien: In Virginia, a judgment lien is only valid for a certain period, typically 20 years. Once this period expires, the lien becomes unenforceable, resulting in its automatic release. It is important for both debtors and creditors to understand the process of a Virginia Release of Judgment Lien by Creditor to ensure compliance with the law. Debtors should closely monitor their debts and take necessary actions to satisfy the judgments, while creditors should follow the appropriate legal procedures to release or subordinate the judgment liens when required. Seeking legal advice is advisable to navigate through the complexities of the process and protect one's rights and interests.
