I know someone who has a boat for free a good one to boot..the problem is he owes a loan on it...he has not paid on it in 3 years...dose anyone know ...can someone get a title for it? anyone know the laws about this???

You would probably have to buy it from the lender, the bank or who ever the loan is through.

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David

Whoever loaned the dude the money he's not paid back on it will have the title to the boat. Go to them, pay off the debt (plus all that interest) and the title is yours.

You can't get a registration without a copy of the title or the real title.

It surprises me that the lending institution hasn't hired a collection agency to go get the boat. Sounds kinda flakely to me...

Most financial institutions will give a pretty good discount if someone is willing to pay off the debt. Talk to them and see what kind of deal can be made. Whatever you do, don't take possesion of it until you have settled with the lien holder first.

The boat and motor does not have titles--only the trailer. When a mortgage co. holds a lean they take a chance the boat and motor could get sold out from under them. The hold morgage against the trailer with the boat-motor-and troling motor as added security but with no title control. When i was in the mortgaga business , many times we sent for repo and got only the trailer, customer claiming boat and motor sunk, we couldnt legally make claim with no titles. Of coursse this is LA. laws may vary in TEXAS.

That must be a fairly recent thing...no title needed for the motor. When I sold my boat this spring, it had a title for the motor. It was built in 1991.

Free boat???? More like HOT boat.

The guy has a boat that he knowingly didn't pay for. I know that it is a civil matter since he was contracted to repay a lender but, I still think of it as stealing.

If he is willing to get rid of it for free, he needs to turn it over to the lender before getting somebody else tied up in his wrong doings.

Bought my boat in 99. Got a loan through my Credit Union. They held the title to the Hull and the title to the Motor. I received a copy of the titles with the Lienholder space filled it with the Credit Union's name in the space. When I paid the loan in full, I received the orginal titles from the Credit Union with a letter stating that the lien was released. Also, the titles were signed signifying the lien was released.
At that time (1999)trailers were not titled in Texas. They aren't that expensive. They are however required to be registered to be legally pulled on Texas highways. (Ya pays your taxes on it and they gives ya a license plate). Most lending institutions know the value of the hull and the outboard motors. They have the blue book listing hulls and motors. It may have changed since 99 but to my knowledge it is still that way here. I would also go along with the advice to make sure you do whatever it takes to get clear titles. TP&W won't give you registration unless you can provide them. Good luck on getting the boat. Bob

TEXAS and Louisiana are different---still no title on motors in la. only a boaters registration on hulls to be able to get side numbers, which a lending co. cant hold. Looks like TEXAS heps the fraud more under conrtol, time la. does.

The State of Texas takes VERY good care of the LAWFUL title holder in TEXAS. My boat was stolen by a former friend. He discovered no signed title, no registration. End of discussion. GOD BLESS TEXAS

http://www.texasfishingforum.com/.ubb/Forum23/HTML/000944.html


READ WHAT I GOT BACK FROM TP&W !!!

[This message has been edited by LOVNTREE (edited 06-14-2003).]

86Invader, Has the lender asked for the boat back? Just wondering if they thought it was not worth picking up or not. If that is the case then they should release the title's to someone else for a smaller amount then what is actually owed but the original borrower will still owe the difference and should be making payments.


Jody

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