Travis Texas Partial Release of Judgment Lien is a legal document that allows a judgment creditor to release a part of a property from the lien created by a judgment. This partial release is typically granted when the judgment debtor has partially satisfied their debt. When a judgment debtor owns multiple properties, but only a specific property is involved in the judgment, the creditor may choose to release the lien on that specific property while maintaining the lien on the other properties. This release can be helpful if the debtor wants to sell or refinance the property without having to settle the entire judgment debt. There are two main types of Travis Texas Partial Release of Judgment Lien: 1. Partial Release with a release price agreement: This type of release occurs when the judgment creditor and debtor agree on a specific amount to be paid in order to release the lien on the property. Once the agreed-upon amount is paid, the creditor will release the lien and provide a Partial Release of Judgment Lien document. 2. Partial Release through a bond: Sometimes, a judgment debtor may not be able to pay the release price upfront. In such cases, they can obtain a bond from a surety company or provide other acceptable collateral to secure the partial release of the judgment lien. This bond ensures that the creditor will be compensated if the debtor fails to fulfill their obligations. In both cases, it is essential to follow the specific procedures and requirements set by the Travis Texas court system. The judgment debtor must initiate the process by filing a proper motion with the court, providing all necessary documentation and information. Overall, the Travis Texas Partial Release of Judgment Lien serves as a crucial tool for judgment debtors who wish to partially resolve their debt obligations while maintaining ownership of specific properties. It allows debtors to address their financial issues without having to face heavy restrictions on property ownership or transactional ability.
Travis Texas Partial Release of Judgment Lien
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How to fill out Travis Texas Partial Release Of Judgment Lien?
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