Don’t be in a hurry to trash your home mortgage papers, even after you have paid the last instalment. After the closure of your mortgage, you will need to ensure that the lender issues you proof of clearance of the title. Procedures vary from state to state.
You may need to pursue this activity as the lender does not have a monetary incentive to undertake this activity. Even though state laws require lenders to return the papers within 15 to 21 days, rarely do they do this before 90 days. However, for you, this is one of the most important last steps to fully owning your property. Also, if you were to take a sudden decision to raise capital against your property or to sell it, you may be unable to do so until the lien is cleared.
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