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No. of Recommendations: 4
Sounds to me like a dead waste of $130.00

The fee for a title in Illinois is $65.00. You're in Chicago, right? We're talking about two titles, right? I have no idea why it would matter to anyone anywhere whether you had a lien-free title or a title with the lien released by the lienholder accompanied by the lender's copy of the contract marked "paid in full" along with a letter from your lender stating that the loan is "paid in full". I'd consider those three documents, to use a phrase popular with lawyers, as "belt and suspenders" plus another belt.

Did the letter suggest a reason for applying for a "corrected" title other than the desire of the State of Illinois to have some more of your money?

If it were me, I'd have the title, the lien release letter you should have received from the lender, and the "paid in full" copy of the contract in a safe deposit box. I can think of no reason to surrender your present document to the state, give the state $65 per document, and be without a title for a couple months while you wait for the state to process the new title.
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