SailNet Community - View Single Post - Why give the payoff amount?
View Single Post
  #4  
Old 08-26-2013
aeventyr60's Avatar
aeventyr60 aeventyr60 is online now
Junior Member
 
Join Date: Jun 2011
Location: Andaman Sea
Posts: 1,343
Thanks: 5
Thanked 17 Times in 17 Posts
Rep Power: 3
aeventyr60 is on a distinguished road
Re: Why give the payoff amount?

If you owe money on the boat, then you "technically" don't own it. A marine title company wiil issue a satisfaction of mortgage document to you when the bank note is paid off. Sometime the bank is listed as the first lien holder in the ownership chain. While you may have more equity in the vessel, the bank still has a fidicuary interest and will need to be paid off, usually first. Remember, he who gas the gold makes the rules.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.



"Your dreams minus your doubts equals your net worth"

Life is a short journey, filled with emptiness and pain. Get all the sailing and booty you can.
Reply With Quote Share with Facebook