Patrick Adams
From what I'm reading about mortgages and car loans, once it's paid off sometimes the "lender" will write "paid in full" or "cancelled" on the promissory note and return it to the "borrower", and it's a good idea to demand this, as you seem to have done. http://www.washingtonpost.com/realestate/paid-off-your-mortgage-congratulations-but-there-are-still-some-things-you-need-to-do/2012/07/26/gJQA3KZp9W_story.html http://people.opposingviews.com/proof-pay-off-mortgage-5106.html I wonder if you should do the same when you close a credit card account to prevent them monetizing it as an asset indefinitely...