California Partial Release of Judgment Lien refers to a legal process that allows a lien holder to release a portion of their claim on a property, subject to a judgment lien, while still maintaining a lien on the remaining portion. This partial release is typically granted when the debtor settles a part of the judgment or when the value of the property exceeds the judgment amount. In California, there are three main types of Partial Release of Judgment Lien that can be obtained: 1. Voluntary Partial Release: This type of release occurs when the lien holder agrees to release a portion of the judgment lien voluntarily. It is often a result of negotiations or settlement discussions between the debtor and the lien holder. 2. Court-Ordered Partial Release: This release is obtained through a court order when the judgment debtor files a motion seeking to reduce the judgment lien. The court generally considers factors such as the value of the property, the amount still owed on the judgment, and the debtor's ability to pay. 3. Partial Release in Exchange for Cash or Substitute Security: This type of release occurs when the debtor provides cash or alternate collateral to the lien holder in exchange for a release of a specific portion of the judgment lien. It is commonly used when the debtor wishes to sell or refinance the property. The California Partial Release of Judgment Lien process requires the lien holder to file a document known as a Partial Release of Judgment Lien with the county recorder's office where the original judgment lien was recorded. This document must include specific information such as the partial amount being released, the property description, and the remaining judgment amount. By obtaining a partial release of the judgment lien, the debtor gains the ability to use or transfer a portion of their property while still resolving their outstanding debt. It provides some flexibility for debtors in managing their assets, especially when the value of the property exceeds the judgment amount.
California Partial Release of Judgment Lien
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How to fill out California Partial Release Of Judgment Lien?
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