Join Date: May 2002
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Rep Power: 14
back in March I put a deposit on an O''day 28. Great for me. Well not so great for me yet. I have run into more road blocks than a bank robber. I have also made a few posts concerning this dilema but it has gotten to the point where I need to act a little more agressively.
My bank will not issue me a loan until the boat begins the process of being CG Documented. Fine, I pay the $450 to have Hailing Port services do all the paperwork and the boat eventually gets documented. I don''t have to wait for the boat to get documented (that can take up to 8 months to a year) BUT when the Coast Guard did an abstract search, they found an Open Ship''s mortgage from the previous owner. I contacted the boat broker and he said it would be taken care of. He contacted the previous owner and what paperowrk he has is unacceptable to the CG. They need an official document from the lender, in this case, Manufacturer''s hanover (which is no longer an entity, being bought out by JP Morgan in 1991) JP Morgan has told me that they do not keep records of accounts and past mortgages for more than 7 years. How am I supposed to get an original Satisfaction of Ship''s Mortgage if they do not have any info???? I called the CG and they told me that I need an original SoSM or I need a court order to close the mortgage. Does anyone have ANY experience in this??? Is anyone here familiar with Lien''s or Ship''s Mortgages?? Is anyone here an attorney???
I sold my sailboat about 1 week after putting the deposit down on this new boat. I can not buy this boat w/o a loan and I have already put time, money and effort into getting this boat ready for the water. It is Now June 9 and I have missed 3 importatnt weekends that I always sailed already.
I am at wit''s end and would like some advice.
No I''m not going to pay for the boat is cash (If I could, I would have already), I''m not going to give up on this boat as I have have already waited almost 4 months,
I''m sorry for the ranting and raving (it''s 93 degrees right now and humid, I''m not in a good mood) If anyone has any suggestions, please let me know what to do.