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.
Wayne Michigan Release of Judgment Lien — Abstract of Judgment is a legal process that allows individuals or businesses to release or obtain an abstract of a judgment lien placed on property in Wayne, Michigan. A judgment lien is a legal claim against a person's property when they fail to fulfill a financial obligation owed to another party. The Release of Judgment Lien procedure is designed to provide relief to individuals who have satisfied their judgment obligation or who have reached a settlement agreement with the judgment creditor. By obtaining a release, the property owner confirms that the judgment lien is no longer valid and that their property is free from any encumbrances. The Abstract of Judgment process, on the other hand, serves as a public record of the judgment lien. It provides information about the debtor, creditor, and amount owed, and it is often filed with the Wayne County Clerk's Office. This document helps inform potential creditors of existing liens on the debtor's property, ensuring transparency in financial transactions. In Wayne Michigan, different types of Release of Judgment Lien or Abstract of Judgment may include: 1. Full Satisfaction: When the judgment debtor pays the full amount owed to the judgment creditor, the creditor files a Full Satisfaction of Judgment, releasing the lien and clearing the debtor's property title. 2. Partial Satisfaction: In some cases, a debtor may pay a partial amount of the judgment debt, and the creditor may choose to file a Partial Satisfaction of Judgment. This release reduces the lien amount but does not lift the entire lien. 3. Settlement Agreement: If the debtor and creditor agree to settle the judgment debt through negotiation or mediation, they may file a Settlement Agreement with the court and subsequently obtain a Release of Judgment Lien. 4. Motion to Vacate: Sometimes, a debtor may wish to challenge the judgment lien's validity or claim an error in the judgment process. In such cases, they can file a Motion to Vacate the judgment, and if successful, the judgment lien will be released, and the abstract of judgment will be removed from public records. It is essential to follow the appropriate legal steps and complete necessary paperwork when dealing with the Release of Judgment Lien or Abstract of Judgment in Wayne, Michigan. Seeking advice from a qualified attorney specializing in judgment liens can help ensure compliance with the legal requirements and protect one's property rights.
