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 Wisconsin Release of Judgment Lien by Creditor refers to a legal document that releases a creditor's claim or lien on a debtor's property. A judgment lien is typically placed on a debtor's property when they fail to repay a debt, and it serves as a way to secure the creditor's interests. However, once the debtor fulfills their financial obligation or reaches an agreement with the creditor, a Release of Judgment Lien by Creditor is necessary to remove the lien from the property record. In Wisconsin, there are two main types of releases of judgment liens by creditors, namely: 1. Partial Release of Judgment Lien: This type of release is utilized when a debtor has repaid a portion of their debt to the creditor. It allows the removal of the judgment lien on specific property or assets that have been settled, while still maintaining the lien on any remaining outstanding debts. 2. Full Release of Judgment Lien: A full release is employed when a debtor has fully satisfied their financial obligation by repaying the entire amount owed to the creditor. This release ensures the complete removal of the judgment lien from the debtor's property record, freeing them of any encumbrance or restriction. The Wisconsin Release of Judgment Lien by Creditor is an important legal document that requires specific information to be valid and enforceable. Key details that should be included in this release are: 1. Creditor and Debtor Information: The document should clearly state the full legal names and contact information of both the creditor and the debtor involved in the original judgment. 2. Judgment Details: Specify the relevant judgment details, such as the case number, date of judgment, and the court where the judgment was entered. 3. Property Details: Clearly define the property or assets affected by the judgment lien, including the full address and any legal descriptions available. 4. Partial or Full Release: Indicate whether the release is partial or full, explicitly mentioning the amount or percentage of the debt being released, if applicable. 5. Signatures: The release should be signed and dated by both the creditor and the debtor, and their respective legal representatives, if applicable. This is to affirm their agreement to release the judgment lien. 6. Notarization: Notarization of signatures may be required to ensure the authenticity and legality of the release document. Once the Release of Judgment Lien by Creditor is properly executed and recorded with the applicable county or state office, the lien is officially released, and the debtor's property is no longer encumbered by the judgment. This enables the debtor to regain full ownership and control of their property, while the creditor's claim is satisfied. In summary, a Wisconsin Release of Judgment Lien by Creditor is a legal document used to remove a creditor's claim or lien from a debtor's property due to full or partial payment of a debt. By executing this release, debtors regain their freedom regarding the affected property.
