Transfer title to LLC and refinance the boat....?

Not quite as quick and easy though as you have to get the mortgage released and that's the area in which the documentation service is well behind. I'd tell you how far behind but their site appears to be down.

You lose 30-40% of the interest....but it's really irrelevant as you'd have taxes to pay on the interest that money was earning you....taxes get you either way. Right now you're paying taxes on the income from the money, getting a deduction on the interest. If you pay it off, you'll do neither.

Last I knew...it was about 9 months. Right now can't access their site.

Documentation is relatively quick now, but the last numbers I saw said they were still way behind on mortgages. They may not even have your mortgage recorded yet. Mortgages, for some reason, is where they were the furthest behind. When they get their site back up, I'll post the real number.

Paid off is paid off ...whether the USCG has gotten around to recording it or not. The lender's interest in what you're doing with the boat ends when the loan has been satisfied.

You will then 'sell' the boat to your new entity using a notarized USCG Bill of Sale, and filing the forms, and paying the fees. Or for a few hundred more dollars you can use a marine documentation service which I recommend.

Yes, it will take the USCG some time to process your new docs. Not nine months, but it will probably be at least a few months. In the meantime, once you have filed, you can move forward using copies of the paperwork from the 'sale' pending receipt of the new docs from the USCG. Additionally, if you use a service they will issue you a Running Letter.

No one was saying he can't use the boat. Just it will take time to get the documentation into the LLC since he has to get the mortgage released and the ownership transferred. As to the nine months, not that long ago it was more than a year for mortgage transactions. If their site comes back up tomorrow, we'll see what the current backlog is.

I also recommend him using a documentation service.

Just accessed the documentation web site. The current date being processed on satisfaction of liens is 11/13/15. So taking 8 1/2 months vs. my 9 month estimate.

Case Processing Dates as of 07/22/16

• Fish Initial Application: 07/12/16

• Fish Exchange, Reinstatement, and Replacement of COD: 07/11/16

• Commercial Initial Application: 07/13/16

• Commercial Exchange, Reinstatement, and Replacement of COD: 07/11/16

• Recreational Initial Application: 05/27/16

• Recreational Exchange, Reinstatement, and Replacement of COD: 05/27/16

• Mortgage: 11/11/15

• Notices of Claim of Lien: 12/30/15

• Satisfactions: 11/13/15

• Deletion with fees: 07/19/16

• Certificates of Ownership: 07/22/16

• Research (Including Complex): 07/20/16

• Abstract Processing (Including Abstract Pending Review): 07/19/16

They've really done a good job in the last year of catching everything else up, but that's their one area that still needs a lot of work.

Here's a work around on the recording time of a satisfaction: Wait a few weeks after submitting the satisfaction and then order an abstract (cost $25.) An abstract order forces immediate recording of all docs waiting in the pipeline.

If you email the satisfaction you will receive a return email confirmation of receipt by the NVDC so you know they got it.

That's gold if it works. Also, I just had something similar come up and a Running Letter is good to go for pleasure use but commercial/charter use may require a current original issued USCG Document on board.

Hi,
If you can have a home office, there should not be necessary with another address of operation, it is the boat and it moves?