Mortgage loan documentation is important information that consumers should take extra care in safeguarding. When a mortgage is marked as paid, however, it is not necessary to keep all mortgage documentation.
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Deed of Trust
After paying off a mortgage, the lender will send the borrower a new deed of trust that will be marked "paid in trust." Once this documentation is received, the borrower can destroy their previous loan documentation and replace it with the paid deed of trust. The lender will also send the county recorder the new deed of trust to file for county tax records. The deed of trust is the final transfer of complete property ownership and extinguishes the stake the lender had in the property for the duration of the mortgage.
Even after a mortgage is paid in full, borrowers should keep the survey of the property that they received at closing. Keeping the survey can negate the need to obtain a new property survey if they opt to sell the property in the future.
Information pertaining to the property, any remaining warranties from builders, home service plans or manufacturer warranties should be kept after payoff until they expire. Consumers should also keep any records of improvements for use at a later point if ownership should transfer or if they sell the property.
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