Depending on how far the lender has taken it, you may/may not receive the deed.  Technically speaking, the release of lien has to be recorded with the county, in order to show that there are no further liens on the property.  If you want to check on that, your first step would be to contact the County recorder and find out if there is anything else you need to do.  In the lien release letter, your lender should have instructed you on this, but in today's busy mortgage world, they may be delayed in getting it to the recorder, or they may not do it at all.

Ultimately, just to be sure, I would check with the County Recorder's Office.  They will be better equipped to let you know what steps need to be taken, and the cost associated with each step.  Normally there is a minimal charge for them to record the deed release.  That charge is based on how many pages they need to record.  Common charges I have seen are about $25 for the first page and $1-$2 per each additional page.  It may take a while to stand in line, depending on your County, but in the end, your due diligence will pay off.

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A lien release is sent instead of the actual mortgage in most cases.  It is usually sent to the recording entity and once it is recorded to discharge the lien on your property, the discharge is sent to you as evidence of the satisfied debt.  The equivalent of the car title is actually the warranty deed provided to you by the sellers at the time of purchase.  Sometimes a different type of title deed is given, but the vast majority of the time it will be a warranty deed.

Mortgage deeds used to have discharge language on the form itself, but as the forms got lengthier and lengthier, most lenders have opted for a one or two page "Satisfaction of Mortgage" or "Release of Lien".  The key is to be sure it is recorded.  There should be book and page information on the satisfaction notice from the County Registry of Deeds or Town Clerk for Vermont & Connecticut] which will indicate that it has been recorded.  In the event it hasn't been recorded, you should make sure it is by bringing it to the registry.  There will be a small fee [usually under $15] to have the discharge recorded.

 

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