This question is asked and answered periodically here, and you may find a search productive (use Google, not the HUBB search engine). The general consensus is that experiences differ, sometimes greatly. I've never been asked for a title in Latin America, and have stopped carrying it with my bike documents although I've always got it with me. When I used to offer it, I was told "No, not that document; we need the one which shows you own the bike!" or some such (in Spanish, which I do not speak or understand well).
The guy I was traveling with at that particular crossing into Guatemala had some issues involving previous travel and the difficulty in identifying which stamp applied to entry and exit. I sailed right through with my expired and incomplete documents.
Others have said they've been forbidden entry to some countries at some border crossings in the absence of a title. No predicting this, and sometimes no alternative but to try after a shift change or try a different crossing. Same deal with color photocopies; sometimes it works, sometimes not. Personally, I always offer fake or expired documents first, but am prepared with the real thing just in case.
Hope that helps.