| Citation | Topic | Requirement |
| Real Property Laws / Vt. Stat. Ann. tit. 27, §463(a) | Acknowledgment of Satisfaction | Mortgages may be discharged by an acknowledgment of satisfaction, executed by the mortgagee or his attorney, executor, administrator or assigns. |
| Real Property Laws / Vt. Stat. Ann. tit. 12, §4632(c) | Foreclosure Mediation Notice | In an action for foreclosure of a mortgage, the mortgagee must serve upon the mortgagor 2 copies of a notice as described below, together with the summons and complaint. The Vermont Supreme Court may by rule consolidate this notice with other foreclosure-related notices as long as the consolidation is consistent with the content and format of the notice described below. The notice must: (1) be on a form approved by the court administrator; (2) advise the homeowner of the homeowner's rights in foreclosure proceedings; (3) state the importance of participating in mediation even if the homeowner is currently communicating with the mortgagee or servicer; (4) provide contact information for legal services; and (5) incorporate a form that can be used by the homeowner to request mediation from the court. |
| Real Property Laws / Vt. Stat. Ann. tit 12, §4962(a) | Notice of Intent to Foreclose | At least 30 days prior to publication of a Notice of Sale, a lender must provide the mortgagor with written notice of intention to foreclose by registered or certified mail at the mortgagor's last known address. |
| Court Procedures / Vt. Stat. Ann. tit. 12, §4933(a) | Notice to Commissioner of Department of Financial Regulation | When the mortgage holder files an action to foreclose owner-occupied dwelling house, the mortgage holder must file a notice of foreclosure with the Commissioner of the Department of Financial Regulation. |
| Rules of Civil Procedure / Vt. Rule of Civ. Proc. 80.1(b) | Notice to Homeowner | A copy of the Notice to Homeowner must be served and filed as the top page of the summons and complaint in any action to foreclose a mortgage on a residence. If the notice is not incorporated, the clerk will not accept the complaint for filing, and the summons and complaint may not be served by an officer, attorney, or other authorized person. |
| Real Property Laws / Vt. Stat. Ann. tit. 27, §464(a) | Payoff Statement Request | Within 5 business days after the lender's receipt of a written request for a statement of the amount of funds or other obligations required to satisfy a note or other obligation secured by a mortgage, the lender must provide a written payoff statement to the borrower. The lender may not impose a fee or other charge for providing the payoff statement, unless the request specifically asks for expedited service. A request for a payoff statement must include the name of the lender, the loan number assigned to the loan, and the address of the property securing the loan. |
Release of Lien | Each licensed lender must, upon repayment of a loan in full, promptly mark indelibly every obligation and security signed by the borrower with the word “Paid” or “Canceled,” and within 30 days, release any mortgage, restore any pledge, cancel and return any note, record or file any necessary release or discharge, cancel and return any assignment given to the licensee by the borrower, and refund to the borrower, any unearned portion of the premium for credit life or disability insurance if a premium for the insurance was disbursed on behalf of the borrower at the time the loan was originally made. If the lender or servicer does not execute and deliver the release to the borrower within 30 days, the lender or servicer will be liable to the borrower for damages of $25 per day up to $5,000. |
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