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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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  #1  
Old 06-09-2004
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maestro is on a distinguished road
help....

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.

Thank You,

mike C.
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  #2  
Old 06-09-2004
HHJ HHJ is offline
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help....

Why get all hung up on CG registration? It''s an option, not a requirement. You''ll probably find it a lot easier to just register the boat in your state same as a motor vehicle.
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Old 06-09-2004
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maestro is on a distinguished road
help....

HHJ,

if it were that easy I would. I can''t afford to pay for the boat in cash...MY lender insists on the boat being documented in order for me to get the loan.
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Old 06-09-2004
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Go to another lender. I cannot get documentation as I am not a US citizen, but there are banks that will lend you the money with just state registration which is what I have.
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Old 06-09-2004
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help....

tg provides bad advice ("go to another lender that doesn''t require documentation"). Paying cash is also not a good option.

The problem the CG (and maestro) is having is that there is an unsatisfied mortgage - an unclear title - to the vessel. I''d worry about that first, and then think about finding another lender, if still needed.

Seems like if the broker really wants to sell the boat, he''ll get his crack legal team on getting the CG what they need to clear the title.
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Old 06-09-2004
Eva Eva is offline
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help....

Have you considered getting a home equity loan to make the purchase? The lender doesn''t ask what the purpose of the loan is, and won''t, therefore, have any requirements re: documentation of the vessel.

Of course, be aware that when you sell the boat, without clear title, your future purchaser may face the same challenges you did in obtaining financing.
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Old 06-09-2004
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help....

I agree with Eddie X. The bank wants to be sure that the title to the boat is clear, because that is the security for it''s loan. A clear title assures the bank that it will get it''s money back. Selling boats is the broker''s business. Making loans is the bank''s business. If the two of them can''t figure out how to clear the title to the boat, it would be extremely risky for Maestro to buy it subject to unreleased liens.
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Old 06-09-2004
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help....

exactly. I understand the bank wants documentation for lein purposes. It''s the broker/previous owner who have been dragging their feet. I go in circles. The coats Gurad told me today that there are only 2 ways to clear this. 1. A original satisfaction of Ship''s mortgage from the previous owners bank (which doesn''t keep records more than 7 years and this boat''s loan wa paid off in 1991) or 2.a court order. I can only imagine how hard/long/espensive this routw would be. No one wants to budge.

My next step is going to BoatUS consumer affairs and see if they can help me.

Keep your fingers crossed as I have already lost months sailing, but I have planned (back in April) a 3 week sailing vacation in July........
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Old 06-09-2004
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Mike,

Maybe I''m missing something, why are you even trying to still buy the boat? There are plenty of O''Days (or comparable boats)on the market. Also, it is not your responsibility to clear the title, the present owner should handle that AND pay the associated costs. Mark it up to experience and find another boat.
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Old 06-10-2004
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help....

All, sorry my comments were too brief. What I was reffering to was just the requirement for CG documentation. All lenders are going to require a clean title so changing lenders does not alieviate that issue. But, once that is cleared up there are lenders that are willing to issue a loan with state registration. I also agree the broker should be doing all he can to help clear this up for you.
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