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Re-document before re-finance?

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Old 02-23-2007, 10:43 PM
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Default Re-document before re-finance?

That is what the bank wants me to do. Re-document the boat before they will re-finance. WTF? The reason I have to re-finace is due to a divorce. My ex wants her name off the boat & loan. I want her off of it too.
I don't think that I need to do this. I would think that all I would need my ex to do would be sign the back of the current documentation cert. stating that she is the seller & I'm the buyer.
Am I off base here? Advice/guidance please!!
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Old 02-23-2007, 11:39 PM
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Don't take this as Legal consul but you will need to re-document before the re-finance. Banks always put things in there favor first.
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Old 02-23-2007, 11:57 PM
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Makes no sense to me. You have to re-document it anyway to change the lein holder. Why not do it all at the same time?
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Old 02-24-2007, 08:13 PM
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ttt
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Old 02-24-2007, 08:21 PM
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Your bank will do the documentation as part of the re-fi. If they can't (or won't) you'd do well to find a financial institution that will.
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Old 02-24-2007, 08:29 PM
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The bank is going to do all the documentation paperwork, but for some reason they want my ex-wife's name off the documentiation before we go any further on the re-fi. I think they are just confused as to how it all works, but I would like to have a little cleared understanding of how it is supposed to work. It seems to me that if it has to be redocumented to add the new bank as the lein holder, we could remove my ex-wife at the same time.
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Old 02-25-2007, 03:13 AM
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well, yea, but it's a chicken or egg thing.

basically they don't want to committ to the money for the boat on your solo behalf while another party still has claim to it, which by means of the documentation she does.

I think that's understandable.

Just tell them you know what is needed at each stage for them to be comfortable and that you don't care about the paperwork ect...and to pick their poison...

get her cleared before they float the funds

or float the funds and be assured they are on the doc. as lienholder after it's done...

but your only going to pay the fee ONCE, PERIOD!

perhaps a notorized statement from her that she will not in any way make any claim to the property in question, say for a period of six months or something. This may comfort them enough to float the loan and be happy to take care of both documentation changes at the same time after the deal is done.
Also you would need to assure them her name will be removed. Have them prepare the paperwork to that effect, to their satisfaction...

or offer to be held in default of terms if her name is not removed within six months


some ideas?
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Old 02-25-2007, 08:27 AM
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The divorce decree says that she wants nothing to do with the boat & I'm responsible for it, bla, bla, bla.
That should work, right?
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Old 02-25-2007, 01:31 PM
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Quote:
Originally Posted by JasonSmith View Post
The divorce decree says that she wants nothing to do with the boat & I'm responsible for it, bla, bla, bla.
That should work, right?
may not be worded in the right context for the bank's comfort

also keep in mind also that until the divorce is rubber stamped FINAL it means nothing legally that she says she has no interest in the boat

so you might have to come up with some other written means to assure the bank this won't end up a mess before it's said and done.

good luck man, been there done that myself!
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Old 02-25-2007, 02:05 PM
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Your bank does not want ANYTHING to have her name on it. Its for a good reason. A Certificate of Documentation from the USCG NVDC constitutes ownership in some states. Its just like a title in some states.

Go the the NVDC website and re-document the boat yourself. It will save you some cash. Its not hard to do, and you can probably have the paperwork turned around in a couple weeks as long as you speak with them about the situation. They may require you to pay expedite fees though.

http://www.uscg.mil/hq/g-m/vdoc/nvdc.htm
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