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Old 14-05-2014, 11:28   #1
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Preferred Mortgage on USCG Documented Boat

I finally paid my boat off and own her free and clear . I've sent the paperwork in from the Bank following the instructions by the USCG for the satisfaction of the Preferred Mortgage.

My question is: Do I get something from the USCG saying the mortgage has indeed been satisfied and that all liens have been removed? It has been about 2 weeks since I sent the documentation into the USCG.

Thanks!
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Old 14-05-2014, 11:33   #2
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Re: Preferred Mortgage on USCG Documented Boat

I suspect that it will take much longer than 2 weeks. The government doesn't do anything quickly ;-). And I don't think that you get any feedback from them. The only way to know for sure is to buy an abstract. Wait at least three months and preferably 6 before you do.

I agree it is a PITA to check that it was done. But I don't know any other way.

David
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Old 14-05-2014, 11:37   #3
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Re: Preferred Mortgage on USCG Documented Boat

You can buy the abstract for $25 at the below link.

Welcome to your National Vessel Documentation Center
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Old 14-05-2014, 11:43   #4
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Re: Preferred Mortgage on USCG Documented Boat

USCG have made significant progress in clearing the backlog in some areas but are currently 18 months behind on processing satisfactions.
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Old 14-05-2014, 12:04   #5
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Re: Preferred Mortgage on USCG Documented Boat

My lender processed it for me and the next time I renewed the documentation the lien holder's name was removed.
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Old 14-05-2014, 12:04   #6
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Re: Preferred Mortgage on USCG Documented Boat

Thanks everyone. 18 month backlog - Wow!
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Old 14-05-2014, 12:49   #7
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Re: Preferred Mortgage on USCG Documented Boat

Quote:
Originally Posted by rodney_k View Post
Thanks everyone. 18 month backlog - Wow!
They were way behind in a lot of things but have made a lot of progress recently. You can check on the processing dates here
USCG National Vessel Documentation Center, PDF Page

They are also very helpful on the phone but are not answering calls on Thursdays as part of the effort to catch up.


I have a boat purchase that is stalled at the moment because of a satisfaction that didn't get processed, although I think in this case, the fault lies with the PO.
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Old 14-05-2014, 17:27   #8
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Re: Preferred Mortgage on USCG Documented Boat

Thanks Geoff. Not a big deal to wait. Our cruising plan departure is still a couple of years out.
Sorry to hear your boat purchase is held up.
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Old 14-05-2014, 20:02   #9
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Re: Preferred Mortgage on USCG Documented Boat

I'm sorry for the new guy question, but I'm assuming that you cannot sail a boat with a lein on it out of the country? Is that the case? My boat purchase is a few years off but I intend to pay upfront for the vessel. When this is done do I just register it with the USCG? I've owned many boats but they have all been offshore fishing boats that I have no intention of going across an ocean on and registration process is simple. Thanks for the information.
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Old 14-05-2014, 23:03   #10
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Re: Preferred Mortgage on USCG Documented Boat

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Originally Posted by Rsmith3 View Post
I'm sorry for the new guy question, but I'm assuming that you cannot sail a boat with a lein on it out of the country? Is that the case? My boat purchase is a few years off but I intend to pay upfront for the vessel. When this is done do I just register it with the USCG? I've owned many boats but they have all been offshore fishing boats that I have no intention of going across an ocean on and registration process is simple. Thanks for the information.
Someone might correct me on this but I've never heard of a restriction. The bank might make it a condition of the loan but I don't think anyone else cares.

If you plan to take it out of the country, just document it when you buy it. If there are any issues you can get them resolved up front as it can take a while to assemble all the necessary pieces of paper. As an example, on the boat I'm buying, a previous satisfaction of lien didn't get recorded and the bank is not being helpful. And the Coast Guard are bound by the Federal Code of Regulations, so all the pieces of paper need to conform.

Hint: For any document, check if it needs to be notarized. Or just notarize everything - it's easier to do up front rather than after the fact.

You can also use a documentation service but I never thought it was worth the fee, especially when a quick call to the CG will tell you exactly what you need.

You might want to read this and, as I said, they are very helpful on the phone. USCG National Vessel Documentation Center, FAQ
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