Have you been doing your research about the USCG Satisfaction of Mortgage but don’t exactly understand what it is about? Don’t worry, we have got you covered. This article will explain to you everything you need to know about the subject. The information you need to get to satisfy your mortgage, or the exact definition of it, to name a few. So stay with us while we shed some light on the matter, in this article written by Vessel Documentation Online LLC.
Different Types of Scenarios With the USCG Satisfaction of Mortgage
There is no need to state the different obligations that maintaining your yacht has, both with the United States Coast Guard and your vessel itself. One of the most important concerns that you need to address is to know if you will be able to pay off your mortgage. It is crucial because the day that you want to sell your vessel you will need the USCG Satisfaction of Mortgage form either completed, or you will need to compromise with the new owner to pay off your debt to the bank.
This can happen in three different scenarios. On the first one, you will pay your remaining balance to the bank, which will issue you a letter that states that the boat doesn’t have any outstanding licenses. With that document, you will be able to inform the buyer that the mortgage has been satisfied.
In the second case, you can go to the bank with the future owner, and, after speaking with an employee, the bank will tell the purchaser the exact amount the bank is owed. At that point, the buyer will pay the seller the amount, who will use that money to pay the bank. You should ask for an updated statement to confirm the debt has been cleared.
Some banks may accept the payment from the buyer. If that is the case, it is as simple as the buyer wiring the bank one part of the money, and to the previous owner the other part.
Information You Will Need to Know to Complete the Form
The new owner of the boat will not be able to document his vessel to the US Coast Guard without the USCG Satisfaction of Mortgage. In addition to that, the maritime authority issues costly fines to those vessels navigating without the correct authorization.
The information you will need to provide to complete the form will be vessel name, official number, instrument type, name and address of the grantor, name, and address of the grantee, amount, and signature. Once you have provided all of the required information and paid the mentioned fees, our friendly staff will take care of the rest.
Fast USCG Satisfaction of Mortgage Processing
You can reach us with any other questions or concerns you may have about how to complete the USCG Satisfaction of mortgage. You can find the form on the left side of our website. In fact, at Vessel Documentation Online LLC we can help you get any type of boating paperwork from the comfort of your house. We will be waiting for your contact!