A Philadelphia Pennsylvania Release of Judgment Lien — By Creditor is a legal document that removes a judgment lien placed on a property by a creditor in Philadelphia, Pennsylvania. This release is typically filed once the debtor has satisfied their debt or when the judgment lien is no longer valid. It is an important document as it clears the property title from any encumbrances and allows the property owner to have full ownership rights. Relevant keywords for this topic include: Philadelphia Pennsylvania, judgment lien, release, creditor, property, legal document, debtor, satisfied, encumbrances, ownership rights. There are different types of Philadelphia Pennsylvania Release of Judgment Lien Creditoror dependingng onng ocircumstanceses FNG the lien's release. 1. Satisfaction of Judgment: This type of release is filed when the debtor has repaid the judgment debt in full and the creditor acknowledges the debt as satisfied. Once the judgment is satisfied, the creditor releases the lien on the property, allowing the property owner to have a clear title. 2. Expiration of Lien: In some cases, judgment liens have a limited duration before they automatically expire. A release is filed when the judgment lien reaches its expiration date, indicating that the lien is no longer valid and the property is free from any encumbrances. 3. Settlement Agreement: If the debtor and creditor agree on a settlement amount that is less than the full judgment debt, a release of judgment lien may be filed to remove the lien on the property once the settlement terms are fulfilled. This allows the debtor to resolve the debt without having to pay the full amount. In conclusion, a Philadelphia Pennsylvania Release of Judgment Lien — By Creditor is a crucial legal document that removes a judgment lien placed on a property. Its purpose is to clear the property title from any encumbrances and grant the property owner full ownership rights. Different types of releases exist depending on the circumstances, such as the satisfaction of the judgment, expiration of the lien, or settlement agreement.
Philadelphia Pennsylvania Release of Judgment Lien - By Creditor
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