Notification of Satisfaction of Mortgage?

[BDofMSP]

I paid off my loan on my boat last April, and received a copy of the application for "Satisfaction of Mortgage" that my lender sent to USCG. I just realized that I've never received anything from the USCG that indicates that they've indeed processed that request and removed the lien.

Does anyone know - do they notify you when they've processed that? Or is it just executed and closed?

Thanks,
BD

 

[Comodave]

I have called them in the past when it seemed to take too long and they happily gave me a status on my documentation. However the government being shutdown they may not be manned. They are doing automated renewals but they probably are not doing new documentations. But I would try to call.

 

[DavidM]

I paid off a boat loan on a boat a dozen or more years ago. I got a copy of the same thing you did from my lender but nothing from the CG to indicate it was acted upon.


I was a little concerned when I sold the boat, but it went through fine so it must have been recorded by the CG.


So, the only way I know to be sure that the CG has removed the mortgage is to apply for an abstract of title. That will tell you for sure.


David

 

[boater3]

I paid off my loan on my boat last April, and received a copy of the application for "Satisfaction of Mortgage" that my lender sent to USCG. I just realized that I've never received anything from the USCG that indicates that they've indeed processed that request and removed the lien.

Does anyone know - do they notify you when they've processed that? Or is it just executed and closed?

Thanks,
BD

IIRC prior to the shutdown they were very far behind on recording satisfactions...now good luck... you can email them and ask or pay $25 for an abstract of title.

 

[DDW]

I'd apply for the abstract of title, but you might wait awhile for the CG to catch up to the bank.

I have a horror story on this: sold a boat, which I had originally had a loan on but which had been paid off for at least 10 years. Bank did not clear the title with the CG as it turned out. Bank was Tango Uniform by that time and the assets had been passed through so many different banks and entities in the ensuing 10 years that it was nearly impossible to track down. Coast Guard says we cannot clear title until someone at some bank says it's been paid (didn't really care who). After several weeks of phone calls, finally found someone at some bank that may have had some of the assets of the original bank willing to sign it off.

Keep the paperwork clean.

 

[bgillroy]

CG posts all docs on record. They all stay there. When abstract is obtained all ships mortgages and satisfactions will show. CG is only repository of docs. Get it posted you're done.

 

[sunchaser]

BD is your vessel Documented?

 

[BDofMSP]

Yes it is documented.

 

[BDofMSP]

CG posts all docs on record. They all stay there. When abstract is obtained all ships mortgages and satisfactions will show. CG is only repository of docs. Get it posted you're done.

I'm sorry but I'm not aware of where these are posted. I haven't seen anything like that on the site. Could you push me in the right direction?

 

[bgillroy]

USCG documentation center ...log on insert doc number to bring up boat. To see all docs buy abstract for small fee and they send you email with all docs of record pretty simple and easy.

 

[southom]

I think it's one of the best feelings you can ever have about your mortgage.