Have you been looking to sell your vessel? Or, alternatively, are you unsure about the process for getting a mortgage for your vessel? Financing is a great way to get the vessel that you’ve always wanted. By that same token, you also want it to be handled the right way, too. At our site, we have all of the forms that you need to make sure that your ship’s mortgage is handled properly. From the initial documentation, through the Preferred Ship’s Mortgage, to the Release of Mortgage form, you can find it all right here.
How Documentation Figures Into Financing
You might wonder: “OK, I got my vessel. I’m going to use it how I want. Why do I need to get it registered to get a mortgage?” The simple answer: because the banks are probably going to want you to. For a long time, banks have made it mandatory for vessels to be documented before they’ll extend financing. It’s one more way to protect their interests, more or less. Of course, you can find all of the forms you’ll need to document your vessel as well as renew your documentation at our site.
The Release of Mortgage Form
For many, the first step in financing is getting a “Preferred Ship’s Mortgage,” as it’s called. You may be sensing a theme to this blog here, but you can find that form at our site, too. Through the course of owning your vessel and paying your mortgage, hopefully, you’ll eventually come to the point where you’ve paid it off. That’s where this “release” form can come into play. That’s the form you’ll want to file once you’ve paid your Preferred Ship’s Mortgage off.
Why This Form Can Be Important
Most vessel owners really want to take advantage of this form when it comes time to sell your vessel. If you don’t, then that can get exponentially harder. See, the Coast Guard keeps track of all of the mortgages and liens against your vessel. Then, potentially vessel buyers can see that when they file an Abstract of Title (also available at our site). So, if you haven’t filed the form for being released from your mortgage, then that Abstract of Title is going to show that your mortgage wasn’t paid off. To make things easier on yourself in multiple ways, filing this form is in your best interests.
All of the Forms You’ll Need
This is just one of the many different vessel documentation forms that you’ll find at our site. In the unfortunate case that someone doesn’t properly pay you for many items in regards to your vessel, we can help you to file a “Claim of Lien.” Should you lose your Certificate of Documentation, we can help you to get a replacement (as you’ll need a physical copy to be in compliance). We know that all of this can be a bit confusing, especially with it having such high stakes. If you have any questions, call us at (866) 981-8783.