For best results in terms of saving the board, I cut the leads off the bad chip and then "sweep" all the leads off the board's pads. I use an X-acto knife to score the leads near the body of the chip, then break the leads by using the knife blade like a wedge to snap the leads free of the body. On the 4th side of a square package, I just bend the body up and down a few times until the leads snap at the score mark.
Of course, this doesn't help if you want to salvage the chip. But, it greatly reduces the chances of lifting a pad.
I don't have a hot air machine in my home shop, but do at work, and it is quite amazing.
Jon