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Auto Loan With No Secured Position On Car Title

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  • 05-14-2007, 12:19 PM
    wisdom_seeker
    Auto Loan With No Secured Position On Car Title
    Is a car loan that was not purchase money, in the State of Michigan considered to be secured or unsecured if the bank never filed the lien with the State of Michigan.

    Since the papers were never filled out correctly when the loan was done it scould not be filed. I tried multiple times to get them to correct the paperwork. They didn't. Now I think I may be glad?

    My title shows no secured position. The car is worth $5000 max loan is $8000. The loan and the title is in both my name and my husbands. I will be filing bankruptcy alone, if I have to file.

    Thank you.
  • 05-15-2007, 07:51 AM
    Mr. Knowitall
    Re: Auto Loan With No Secured Position On Car Title
    They may be able to still secure their lien, although that would probably be a lot more complicated once you file, and they won't lose any rights againt your husband if you file bankruptcy on your own.
  • 05-15-2007, 08:39 AM
    wisdom_seeker
    Re: Auto Loan With No Secured Position On Car Title
    Thank you! Yes, I know he will not be protected, but he is judgement proof.

    I am still hoping I won't have to file. I have tried very hard to get forbearance agreements but they just refuse to talk with me. It is like they would rather just write off $200,000 in my bankruptcy then have to accept responsibility for a write-off even if it is a much lower amount.

    I feel terrible for their stockholders.

    This is a position I could never imagine I could be in.
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