Expert: Terry Leeders - 9/30/2007

Question
I received a discharge on a loan which was holding my car title. I heard nothing about what will happen to my title not even from my lawyer who is no longer returning my calls. I had the discharge done early April. I finally called the loan office the end of July. I was informed that they have 45 buisiness days to make a decision, they told me it starts the day I request the title, July not April when the discharge went through. Is this correct and what could they request me to do/pay to receive my title free and clear? I am handicapped and need to know if I will lose my car or not? Thank you.

Answer
The lienholder of the title has the right to keep the title.  They cannot collect on the debt (money wise) but if you don't pay them, they would have the right to the vehicle.  If you don't want it, let them take it back and you are done.  If you signed a reaffirmation agreement, keeping you responsible for the debt (so you can keep the car) you need to stay current on the loan terms.