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.
Oregon Release of Judgment Lien — Abstract of Judgment The Oregon Release of Judgment Lien — Abstract of Judgment is a legal document used to remove a judgment lien from a property in Oregon. A judgment lien is created when a creditor successfully sues a debtor and obtains a court judgment against them. This judgment becomes a lien on the debtor's real property, meaning the creditor has a legal claim on the property until the debt is satisfied. However, once the debtor pays off the judgment or satisfies the debt in another way, they can request a release of the judgment lien. This is done through the filing of an Abstract of Judgment, which is a document that provides notice that the judgment lien has been satisfied or released. The Oregon Release of Judgment Lien — Abstract of Judgment serves an important purpose as it protects the debtor's property rights and allows them to regain control over their property. It ensures that the public record accurately reflects the satisfaction of the debt and removes any cloud on the title of the property. In addition to the standard Oregon Release of Judgment Lien — Abstract of Judgment, there are a few different types specific to certain situations. These include: 1. Partial Release of Judgment Lien: This type of release is used when a debtor has paid a portion of the judgment but still owes a balance. It allows for the release of a portion of the judgment lien, reflecting the partial satisfaction of the debt. 2. Release of Judgment Lien by Creditor: In some cases, a judgment creditor may voluntarily release the judgment lien without the debtor fulfilling the entire debt. This is often done as a gesture of good faith or in exchange for a negotiated settlement. 3. Release of Judgment Lien by Order of the Court: If the debtor successfully petitions the court, they may obtain an order to release the judgment lien. This can occur if there is evidence of error in the judgment, the debt was paid, or for other legal reasons recognized by the court. It is important for debtors to promptly file the Oregon Release of Judgment Lien — Abstract of Judgment once the judgment lien has been satisfied or released. Failing to do so may result in complications when attempting to sell or transfer the property in the future. Therefore, seeking legal advice or assistance from an attorney specializing in real estate law is highly recommended ensuring compliance with all necessary steps and requirements of the release process. In conclusion, the Oregon Release of Judgment Lien — Abstract of Judgment is a crucial document for debtors seeking to clear their property's title from a judgment lien. Understanding the different types of releases available and promptly filing the appropriate document is essential for protecting property rights and maintaining a clean record.
