What is a Lien Release
A lien release occurs when a debt or obligation has been fully paid. The most common form of lien release that occurs today is on vehicles that have been financed. Once the vehicle has been paid in full, the lending agency that provided the loan will issue a lien release to indicate that the debt is fully resolved. This process also works with homes, life insurance, and any other property where a title may be issued.
How Long Does It Take For a Lien Release To Be Official?
Most of the time, a lien release takes 30 business days or less to complete. The amount of time often depends on the type of property that has the lien and where the request must be filed to remove it. Most lien releases that are based on structured payments are anticipated, so the filing work takes very little time. If a debt is paid off in a lump-sum that is unexpected, then there may be delays in receiving the lien release.
When Do I Need a Lien Release?
If you are selling a home or a vehicle that still has payments owed on it, then you may be told that a lien release is required. You will need to obtain this from the lender who holds the debt. The lien release will allow you to receive the money from the sale directly instead of having the lien portion sent directly to the creditor themselves.
What If My Lending Institution Failed?
Sometimes creditors who hold a lien are a failed lending institution or one that is under government supervision or control. In these instances, it may be possible to receive a lien release from the government instead of the financial institution. The government can also issue a lien release if you can show that you paid off a debt, but the financial institution did not file for the release. You will need to make your request through the DRR customer service center with any evidence you have to present. It generally takes about 20 business days for this type of request to receive a response. If you must request a lien release, then make your request in writing and be very specific about what your needs happen to be. In doing so, you'll be able to get the paperwork resolved and use or sell your property as you see fit.
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