Documentation Question
 

I bought a boat, financed it, applied for documentation w/ coast guard, used a doc service. They contacted my bank and the bank refused to cooperate w/ the doc service. Doc service sent a letter stating that they (the bank) needed to be listed as lien holder, the bank never acted and now I have a coast guard "title" that has no lien holder on it.
If I were a dishonest person, I guess I sell the boat and pocket the cash huh?

Re: Documentation Question
 

What does the state title have any lien?

Re: Documentation Question
 

KS des not issue titles for boats, just trailers & it (trailer) is not registered.

Re: Documentation Question
 

You won the lotto!! until they catch up with you :(

Re: Documentation Question
 

That is what I thought! Then my damn concious :evilb:

Re: Documentation Question
 

Your talking government here. Just do it. They have.

Re: Documentation Question
 

yes it will make it easier to sell the boat...but you still have a contract with the bank...that would gt ugly, and I'm quite sure illegal...

Re: Documentation Question
 

I'm afraid that I would have to go along with offsh.. here. I think we all know that when "the government" screws up it is still NOT THEIR FAULT! Then it ends being a big 3-way mess between; You, (who sold a boat you didn't really own) The bank, (who does own the boat and has lawyers on retainer to deal with just such things), And the poor buyer who you screwed. Only, I think that in the long run, if anyone goes to jail, it will be you cause you knowingly sold something that you really didn't own. And remind me; never buy anything from you. --- Jer

Re: Documentation Question
 

I wonder if National Marine ever thought of this scam. Bill, are you writing this one down for future reference?

Re: Documentation Question
 

If you have a documented vessel with the coast guard the bank does not supposed to have the lien on title. You should have what is called a preferred maritime mortgage. The coast guard will have to release the mortage before you can sell the boat. This is what you agreed to when you had the boat documented. Remember the coast guard is a branch of the federal goverment & they don't play. Make sure you have all the paper work the coast guard should have sent you, plus they will send you a form once a year to verify you still have the boat & that your still using the same name & port. Are you sure your boat is documented ?

Re: Documentation Question
 

I have found that most people who work in the bank loan servicing dept are idiots. My bank (Wells Fargo) just sent me a letter saying that they had already sent me a letter asking for the title to my boat to hold as the collateral. I never got the first letter they sent.

This after I have owned the boat and have been making payments for last 4 years. :rolleyes: