Satisfaction of mortgage is a document that needs the lender’s signature. It is proof that the borrower has paid off the loan in full. It also indicates that it is no longer a lien on the boat. This document must be filed with the United States Coast Guard. In this way, the boat’s details will be updated.
To obtain a satisfaction mortgage from the lender, you need to wait for a few weeks after the final payment has been made. If the USCG has not recorded any satisfaction of mortgage on the boat in question even if the mortgage has been fully paid, the boat will continue to have a lien against it.
The benefits of the Satisfaction of Mortgage
Some lenders require a certain fee to obtain a satisfaction of mortgage faster. It is a viable strategy to make the process a lot of faster, thereby, allowing the borrower to get the document sooner. This document can be useful if you wish to use your boat as collateral for a loan. However, some experts do not recommend the use of the boat as collateral.
It is also important to remember that even if the mortgage loan has been paid off but there are liens attached to it, then they will remain in place unless the claims have been paid in full. If you are a buyer of a second-hand vessel, you need to make sure that the boat’s title is clean. Requesting an abstract of title from Marine Documentation Center will help you check the boat’s background.
Making the process easier and faster
Obtaining an abstract used to require going to the National Vessel Documentation office. These days, however, the process of getting it has become a lot easier. With the use of our online portal, you can request it right at the comfort of your house. Satisfaction of mortgage is vital if you are a current owner of a boat and want to sell it. It is also an essential document if you wish to buy a second-hand ship and wants a clean title.
Marine Documentation Center handles all USCG documentation processes and takes care of the proper documentation for the boat. Filing a satisfaction of mortgage is easy when you work with us. You just need to fill out the form online with your appropriate information. They will handle everything for you and ensure that your information is accurate. Their team will keep you informed of the process. In that way, you know what is going on. You can also call them at (800) 535-8570 or go on https://maritimedocumentation.us/ for any questions or queries you may have.