Marginmn

iTrader: (1)

And furthermore, in most states even a simple handwritten bill of sale from the previous owner should be enough to get the ball rolling for getting a new title - especially if a bank has a loan outstanding on the boat and they throw their weight behind the effort. Again, something just doens't add up here.

fordsofflease

this is not a title problem like national marine created this is a non payment problem and the answer is irrellevent

cuda

If he is just using this as an excuse to get out of the loan, I think he's screwed.

MILD THUNDER

iTrader: (3)

He never had any certificate of doc. Previous owner(Nick) said the boat was USCG doc and that there was no title. And that all that was needed was a bill of sale. Ok, so both parties went to the bank together and filled out the bill of sale forms, and the bank cut Nick a check. the bank sent in the paperwork to the CG, and it was returned stating that the boat cannot be redocumented with that bill of sale because the last time the boat was in the USCG database was 1996. And that was when "Mark" owned the boat. There is nothing according to the uscg stating that nick ever owned the boat. Now, Nick, and Mark are nowhere to be found. It seems that he would need a bill of sale from mark to nick, and another from Nick to Frank(my buddy), and then send it in.

I understand his frustration, and I dont think its an excuse to get out of the loan. If he had a title or certificate stating he owns it, he could throw it on ebay, sell it, and pay the loan off. Its not that he is expecting the bank to just eat 30g. He justs want to sell the boat, and pay off the loan.

When I bought my boat last year, it went smooth, because the previous owner had the cetificate of doc, and we did all the paperwork, and sent it to the uscg. they sent me my new certificate and i have that in my name, however, the bank still hold a lien on it.

I think the biggest problem is that neither Frank, Nor the Bank has ever dealt with USCG documentation before. I spoke to the branch manager, and it seems she doesnt even know what to do about the mess.

fund razor

Never mind branch manager.
Proceed to regional Vice President.

plumbers crack

Had a similar situation,bank screwed up and changed the term from 20 yrs to 5 yrs.Told them straighten it out.They sent me a payment book anyway 5yr note.They said make the payment anyway then we will straighten it out.I figured no money would get them moving faster,it did .then they gave me 2 30 day late payments on my credit report.Nice huh.Last time I did business with M&T bank.

Protect your credit first!!! By the way that was 5 boat loans ago and still buying!!!So who lost out. Slightly off topic but the lesson is pay then play.

Ron P

What does documentation have to do with a title? Documentation is just a form of registration??? Right?

Marginmn

iTrader: (1)

So I guess I can just walk into any bank, say that I own a $1.2 million dollar Outerlimts, have not title or other paperwork to prove it, fill out a bill of sale to some guy who wants a loan, and the bank will cut me a check?

I still don't buy his story.

Von Bongo

If you never delt with something it's time to pay someone to do it right. That is why there are marine title and closing companies. You may want to contact one and see what they suggest, but in the end you will need to at least locate "Mark". Whenever people disapear after a transaction I would get real suspisious of their intent.

Looks like he needs to get "mark" to reinstate the documentation, then transfer to "frank" and then to your friend.

How about this idea. Why document the boat? Can you register it with the state using your bill of sale and forget about the documentation? My boat had been documented when new, then went to a Florida registration and then back onto Documentation when I bought it.

and for Ron P. the documentation is both the registration and the proof of ownership. Like to deed to your home. The lender files a prefered ship mortgage with the coast guard and has a lien placed on the document. When paid off the lender has to release it's lien with the coast guard. When you sell the boat there is a place to transfer ownership, much like on a car title, on the certificate of documentation. You can also have the coast guard give you the abstract to your documented boat so you know who owns it, who used to own it and what liens if any are on it.

The process is a little more like transfering a piece of real estate than say a car with documentation.

MILD THUNDER

iTrader: (3)

I was there at the bank with him when they cut the check. My buddy is my buddy, not just a guy a ran across at a boat show. He has no reason to fabricate his story to me, nor do I.

Maybe Ill just call the coasties myself, and have them tell me what he needs to do. Hopefully that we can locate Mark, who last owned the boat in 1996.