Here is a list of 3 things that one must know before they went off for selling their settlement. These are the things that must not be done while selling the structured settlement.
One: Don’t sell to the highest bidder. Why?
There is what is called High Balling. Some brokers or structured settlement or annuity sources will make a high offer just to get someone under contract. Then they will start making excuses and reduce the offer later on. It is very difficult to back out once you are under contract. Even if you are able to pull out, you will have to start the whole process over again It will be a huge loss of money for you.
Two: Believing the funding source if they say you will get your money in weeks time
Well there is no time limit for the structured settlement. The time to close is dictated by individual state laws In some states, it is possible to close in about a month. In other states, it can take as long as four months. Court orders take time and all transactions need one.
Don’t believe it if someone says they can close in a week or two.
Three: selling the entire settlement
This is the mistake made often by the people. When you sell the annuity or the structured settlement payment then what happens is that your part of the payments, let’s say, 12 months of settlements are encumbered and paid you altogether. This is what is a another interesting feature of it, let’s say if you have 10 years of periodic payments in some Mesothelioma claim, then if you were in need of some large sum of money, (usually the Mesothelioma lawsuits if won by the plaintiffs can get them millions of dollars) then you could sell part of the payments, like for the 10 years you could sell 1 year payments.
sellmystructuredsettlement33 