A Partial Release of Lien is a written statement prepared by the lienholder to confirm the lien amount is reduced and they agree to claim only a part of the lien. A Partial Release of Lien template can be downloaded via the link below.
In case the owner of the property can only pay a limited sum of money for the items burdened by the lien, they can negotiate with the lienholder and adjust the amount of lien if the significant payment is made. For instance, the lienholder might file a mechanics lien with the local authorities and claim the owner owes them $50,000 for the repairs made. The debtor then asks for the Partial Release of Lien paying the lienholder $10,000 after which the lienholder submits the copy of the release to the county clerk to show the balance owed has dropped to $40,000.
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