Should You Throw Mortgage Papers Away?
If you have been a homeowner for a long time, the chances are that you have gone through at least a couple of mortgages. More often than not, homeowners change mortgages or refinance their homes. This action could be due to a variety of reasons – none of which are relevant to this post. What I want to bring up today is the question of storing mortgage papers.
Of course, it is but natural and sensible to keep copies of t hem in storage. It is utter nonsense to throw papers away that have something to do with your ownership of a house or property. But what if you have had several mortgages over the years? Naturally, the first, second, and even third mortgages may be outdated and not applicable to your current situation. It is only the most recent mortgage – the one that you are actually paying off that matters.
Given this situation, would it be safe to assume that the old papers can be disposed of? Now why would I be asking such a question? Why not just keep all the mortgage papers and records in one safe place in case you might have need of them in the future? That is a good point BUT what if you do not have enough space to store all that junk? Would throwing them out be an option then?
The answer is yes. Once you have paid off the older mortgages (which is normally the case when you refinance or get a new mortgage), then they do not apply anymore. That means that the papers are not good for anything – except for the recycling center, perhaps.
What do you think?
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