Can I Get A TITLE TO THIS VEHICLE?

[kwikkirk]

What is the name of your state? TX

I hope I'm in the right spot for this question. This is kind of a mess. I purchased a motorcycle from an acquaintance who was moving to another area. The bike was not running and had been sitting in a storage shed for a while. He had the registration to the vehicle, but told me he had lost the title somewhere in his travels. He gave me the regisration and a bill of sale and said we would have to apply for a lost title. He picked up an application for a lost title we signed it, and he said he would take care of taking it to the tax office and have it sent to my address. The seller of the bike left for wherever he was going. After applying for the title I discovered the bike had been involved in a bankruptcy case that was dismissed. The bike still showed it had a lien holder but after checking into all this learned that the lien holder had declared the account a charge-off.

What exactly is a charge-off? If the bike has been charged off does the lienholder still have the title documents? If they do, will they release the title to me since the account has been charged off and I have a bill of sale for purchase?

I just want to get the title for bike. How do I do this? What does a lienholder who has declared an account a charge-off generally do in this type situation. Is it a possibility the title has already been release to the state?
Can anybody advise me here other than telling me I've been screwed. I need real advice please.

 

[racer72]

What exactly is a charge-off?

It means the creditor has stopped actively collecting on the debt. Because of the bankruptcy, they cannot hold the original debtor liable for the debt.

If the bike has been charged off does the lienholder still have the title documents?

Most likely.

If they do, will they release the title to me since the account has been charged off and I have a bill of sale for purchase?

Probably not. Pay off the charged off account and they will.

I just want to get the title for bike. How do I do this?

See above.

What does a lienholder who has declared an account a charge-off generally do in this type situation.

The title goes in a secured storage facility. It will be held till the debt is paid in full, the vehicle is sold at auction per state law or the vehicle is declared a total loss.

Is it a possibility the title has already been release to the state?

Huh?

Can anybody advise me here other than telling me I've been screwed. I need real advice please.

Okay. You have been cheated, shafted, hornswoggled, raped, and taken advantage of. Is that better?