Do not knw if it is an asset or not…I’d go down tothe courthouse and check all the properties that he has won and transferred to his mother. If they have mortagess against them you can easily read the deed of trust and find out the bank, etc. Chances are they use the same bank and she is a joint account holder, etc…worth a try and costs nothing to go check the records.
I have a judgment that was recently assigned to me and after doing some checking, I found that the debtor regularly bids in foreclosure auctions in our area and has had alot of winning bids.
He has no properties in his name. I guess because he owes people money, he will make the winning bid and then transfer his bid to his mother, who will eventually close on the property. The clerks dont let you look at the checks, so I cant tell what bank he’s banking at, otherwise I’d attach that bank account.
I’m thinking this could be classified as personal property and may come under the fraudulent transfer act.
Re: is a winning bid an asset? - Posted by Bob Smith
Posted by Bob Smith on March 04, 2006 at 23:23:49:
Contract rights are assets, but I don’t see where he has a contract here. Does he sign a contract in his name with the auctioneer after bidding (real estate purchase contracts must be in writing in most states)? If so, I’m sure that’s a fraudulent conveyance, especially if it’s to his mother for no consideration.
Luke: I think Bill’s advice is very good. Go to the recorders office and
look at all the docs in the guy’s name. There may be transfers, loans,
other creditors, etc. to give you an idea how to attach something …
to something. Also, you may want to look at court records. There may
be other assets that you can uncover by reading other cases he may
be involved in.