Older Boat Financing
- Thread starter Tollytales
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The friendliest place on the web for anyone who enjoys boating.
If you have answers, please help by responding to the unanswered posts.
If you have answers, please help by responding to the unanswered posts.
tegdesign
Senior Member
Wayfarer - You shouldn't feel like a Jerk at all. However, it's a fact that a house nearly always appreciates in value and a boat nearly always depreciates in value. But one thing that living on a boat might offer, if you don't spend too much money, is allow you to keep your monthly expenditures way down compared with a 300k-400k home mortgage. That extra cash flow could help you pay off debt or quickly accumulate significant investment capital. I am considering renting out my home which would cover the mortgage and moving onto the boat for a limited time. 6 months to a 1 year. With that end goal in site, it is impressive the amount of cash one could set aside.
tegdesign
Senior Member
I'm afraid I don't quite understand your comment. Are you implying someone on the forum is a drug smuggler or some other kind of criminal and should be worried about what they say here? I thought this thread was about boat financing?
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Donsan
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I think his point was that if the OP has spilled the beans that he intends to be a live aboard and then gives other information to the finance company, that they might have seen his posts here. There may be legal penalties for that type of thing. Another words, there is no expectation of privacy on what people post. I would not want to misrepresent myself in applying for financing.
pilothouse king
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Exactly.
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tegdesign
Senior Member
Granted, when I bought my first house I didn't intend to rent it out. But that was one of the questions the lender asked and I got a much better rate on my loan because I was going to live there full time. Should I have refinanced when I moved to a bigger house and chose to rent out the first one? I'm sure this happens with boats all the time and I find it very hard to believe that there are loan officers trolling the boat blogs to find infractions. And if they did? I've never heard of any legal action, have you?
pilothouse king
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Yes!!! It's caled bank fraud and they take it very seriously. Seriously. The Mayor of N.Miami is in jail from coments she made on her radio show in Creole! I know guys that spent years in prison for what they said they intended to do. Not did it mind you, but intended to defraud the banks. Didn't matter he was drunk, had no real intention of doing it-"conspiracy" was enough. Impossible to prove your innocence too. Agent heard you-it was his or her word against yours. Who has the most lawyers? Go talk to any long time Ft. Lauderdale Yacht Broker and all could spin you stories until your eyes glaze over. What you really don't want to do is post it online, and somebody prints it. And they love frying "little fish" because it's easier (no lawyers on speed dial) and makes more an impression on the bigger fish. Big fish are saved for photo ops, like arresting the mayor as she got off a plane at MIA from Vegas. Didn't matter she was there for business, but boy it sure sounds nefarious "arrested for conspiracy to commit bank fraud coming off a plane from Vegas". Crime? Solicited for "straw" buyers-in Creole yet.
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tegdesign
Senior Member
Which question? Do tell! I like a good crime story!
Donsan
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Your case is an after the fact conversion. Many people find themselves in that predicament and I do not believe the mortgages require refinancing. But our OP prospectively is suggesting deceiving his finance company. This is the same scenario that got us into a lot of the housing problems of 2008. Buyers were misstating their incomes and net worth to purchase what they thought was a continually appreciating asset. There was no verification of truthfulness. We all know the rest of the story.
Cases like you mention probably happen with boats all the time. People make decisions that they like their boat and decide to sell the home later. If recalled correctly, the OP wanted to sell the farm to buy the boat and give his mothers address as his home. That is a different set of facts.
I don't know what legal actions might be taken but most financial contracts have a signature block that the borrower asserts his representations to be true and it is fraudulent to sign otherwise.
Honesty is the best policy don't you think?
tegdesign
Senior Member
I do think honesty is the best policy. But I'm not going to get on my moral high horse and judge people here. Especially on something I would consider a minor issue like this. I'm not perfect. Sometimes I break the speed limit on purpose. I might even consider becoming a "sneak-aboard" at some point. Some rules are worth breaking.
Wayfarer
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I would like to take this opportunity to tell everyone that I have been 100% honest with the lenders that I have spoken with. I sincerely hope that I haven't gotten myself a reputation as a dishonest or untrustworthy person. I have never committed any kind of fraud, and I certainly don't intend to.
Donsan
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That is good to know. I don't agree with the policies of many lenders either and if I were your age and in your position, I would want to do the same thing and would be upset about it.
Adelaide
Senior Member
Wayfarer,
Using your parents address as your land based home is not lying and certainly not fraud. It sounds like you will be staying on your boat part of the year, perfectly acceptable to lenders and insurers.
Also, I can vouch for Key Bank as well. They financed my 1983 Tung Hwa. It was a very enjoyable experience.
Good Luck!
Using your parents address as your land based home is not lying and certainly not fraud. It sounds like you will be staying on your boat part of the year, perfectly acceptable to lenders and insurers.
Also, I can vouch for Key Bank as well. They financed my 1983 Tung Hwa. It was a very enjoyable experience.
Good Luck!
FLSunfish
Member
We moved onto the boat a few months ago here in Florida. When changing our drivers license address online, we found that Florida accommodates those of us with a PO box address, by having a section for a mailing address and a physical address. The licenses came back mailed to our PO box with our physical address on the license.
