TASA ID: 3877

  • LOCATE THE MORTGAGE/DEED OF TRUST.  Security follows the Debt. The lender possess the borrower's financial statement (The Uniform Residential Loan Application), bank and stock statements, tax returns, trust agreements, disclosures of marital status, and whether the trust is revocable or irrevocable.  The borrower regales the lender with a multi-million dollar net worth to swing the loan.

  • ANALYZE THE AMOUNT DUE ON THE MORTGAGE or DEED OF TRUST.  Math Sleuths.  The loan amount is $750,000.  The probable rate of interest is 5.25%.  The term is 30 years, the date of the mortgage is August 1, 2017. The monthly payments are $4,142.00.  The unpaid balance is $738,518.   Assuming a loan to value ratio of 75%/Value, the purchase was $1,000,000 and down payment $250,000.00.  Assuming that the monthly payment must equal one quarterly monthly payment, the gross income of the defendant is about $16,000 a month or makes $192,000.00 a year.

  • CREDIT REPORTS.  Secret assets rest in the columns. Assuming that the credit reports were lawfully obtained, some debt is linked to a big asset. Installment loans are usually attached to an asset, i.e., real estate, a vehicle, or business loan.  The loan balance represents the value of the assets.  If a California debtor, but the credit report pinpoints an installment loan due the Bank of Miami, the debtor might own a property in Florida.

  • CREDIT CARD, HELOC ACCOUNTS, OR PERSONAL LINES OF CREDIT: Find the debt, find the asset. Finding what, where and identify the vendor, and the total, tells you the gross monthly or annual income.  The amount of money spent usually equals a percentage of the gross monthly income.  Eyeballing the $1,000 purchase of Home Depot, say, in North Carolina, might suggest that property in that state.

  • VENDOR CREDIT FILES. Financial information hides the vendor’s credit files.  Major vendors of any business file a UCC, which enables you to identify them.  The vendor demanded and received a personal guaranty, the business owner and your debtor. Your debtor handed the vendor substantial financial information (financial statement etc.)

  • HIDDEN BANK ACCOUNTS ONLINE. Secrets in the Cloud. Subpoena (or levy if a judgment) every online financial institution (i.e., PayPal) who might hold an account, wire transfer information, or email traffic instructions.  Online banks might identify assets whose debt service originates out the account maintained by the online bank.

  • UBER/LYFT.  100% eye candy. Subpoena riding share services and track every move by date, time and place.  Taking a trip to a bank offering safe deposit boxes is the jackpot. 

  • DUMPSTER DIVE.  Sherlock Holmes snarfs down the Box of Chocolate.  Run out of other options? Jump into the dumpster.  Find bank and stock statements, receipts, travel debris and credit card bills. Find financial records dumped into the trash.

TASA Article Disclaimer

This article discusses issues of general interest and does not give any specific legal or business advice pertaining to any specific circumstances.  Before acting upon any of its information, you should obtain appropriate advice from a lawyer or other qualified professional.

This article may not be duplicated, altered, distributed, saved, incorporated into another document or website, or otherwise modified without the permission of TASA and the author (TASA Id#: 3877). Contact marketing@tasanet.com for any questions.

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