This is a form of a Partial Release of Judgment Lien.
Phoenix Arizona Partial Release of Judgment Lien is a legal process used to partially release a lien placed on a property due to a judgment. This release allows the property owner to sell or refinance a portion of the property while still retaining a portion of the lien. In Phoenix, Arizona, there are two types of Partial Release of Judgment Lien that can be applied: 1. Proportional Partial Release: In this type of release, a specific percentage or fraction of the judgment lien is released from the property. For example, if the property owner wants to sell or refinance 50% of the property, a proportional partial release will release 50% of the lien. 2. Monetary Partial Release: This type of release is based on a specific dollar amount. The property owner can request to release a certain amount of the judgment lien, allowing for the sale or refinancing of the property up to that amount. The Phoenix Arizona Partial Release of Judgment Lien process requires certain steps to be followed. Firstly, the property owner must file a motion or application with the court or the relevant authorities, providing details of the desired partial release and the reasons for it. The court will review the request and assess its validity based on factors such as the financial condition of the property owner, the purpose of the partial release, and any opposing claims. Once the court approves the partial release, a partial release document is prepared, detailing the specific terms and conditions of the release. This document is then filed with the county recorder's office where the lien was originally recorded. It serves as a public record and notifies potential buyers or lenders of the partial release. It's important to note that the process of a Phoenix Arizona Partial Release of Judgment Lien can be complex, and seeking legal advice or assistance from a qualified attorney is highly recommended.
