You are ready to sell your home or trade in your vehicle but you’ve been told you have to obtain a “Release of Lien” first. Normally, you would go back to the bank or Savings and Loan and ask them to prepare a release for you. But, where do you go if the bank or Savings and Loan has failed?
The FDIC may be able to provide you with a Release of Lien on your home, vehicle, boat or other personal property if:
- The lienholder is a Bank or Savings and Loan Institution that failed and has been placed in FDIC receivership. Also, in some cases, if the lienholder is a Subsidiary of a Failed Bank or Savings and Loan. If you’re not sure, please call the DRR Customer Service Center toll-free at 888-206-4662.
- The loan was paid off before the Institution failed.
- The loan was paid off to the FDIC after the Institution failed.
A request for a Release of Lien must be made in writing and must detail exactly what you want.
You can mail your request to: FDIC, 1601 Bryan Street, Dallas TX 75201 Attention: DRR Customer Service Center or it can be faxed to 703-812-1082. Mail or fax your request with the recorded document to be released or to be assigned showing the closed institution as the lienholder. Also, a proof of payoff must be provided to expedite the completion of your request and avoid researching the records of the closed institution which will delay the completion of your request.
Allow 10 to 14 business days for the completion of your request.
Please include your e-mail address and telephone number for us to communicate with you in case we need more information to complete your request.