You’ve been awarded a structured settlement, and though you are fortunate enough to be receiving regular installments of cash, the amount may not be enough. Perhaps you have a loan that needs to be paid off or you need investment capital to start a business. Maybe you want to purchase a home or go back to school. Instead of waiting for months or years for your money to accumulate, you could opt for a structured settlement buyout that will allow you access to the lump sum of cash that will make a real difference.
Before you begin down the path of selling your structured settlement, read below for some helpful hints that will help you get the most money.
1. Determine if selling your structured settlement will improve your financial standings.
Most states require you to go before a judge to sell your structured settlement and receive approval for the transaction. It’s up to the judge to decide if your reason for needing the money will improve your present financial situation without negatively impacting your future. Many people interested in selling their structured settlement use their lump sums to help with the purchase of a home. Others use it to stave off more dire circumstances, such as foreclosure, or the effects of damaging structural issues. Home improvements, mortgage payoffs, and other enhancements are all valid reasons to sell your payments.
2. Establish how much money you need.
After you’ve decided that selling your structured settlement is the best move for your financial future, you’ll need to put pencil to paper and determine just how much money will be needed to complete your home repairs or put your daughter through college. Having a ball park figure gives you a better picture of whether or not you would be willing to sell all or part of your structured settlement payments.
SellYourStructuredSettlement.com gives you the option for a whole or partial buyout.
3. Research the process for selling your structured settlement.
Like any major life decision, it’s important to take the time to learn what is involved in selling a structured settlement. Many people feel like they needed the money yesterday and are compelled to act before thinking it all through. Once you’ve made your mind up to sell all or some of your payments, your next step should be to learn what to expect. At SellYourStructuredSettlement.com, you will be working closely with a representative for several weeks to iron out the details, sign necessary documents, and finally, go before a judge. By investing the time to understand the structured settlement buyout process, there won’t be any surprises during your transaction.
4. Understand what you are agreeing to.
Selling your structured settlement isn’t like performing brain surgery, but it does require an attention to detail and the ability to comprehend everything you are agreeing to. This means reading every word of the contract and asking for clarification when needed.
• Read the small print. Make sure you read all the terms and conditions before signing a contract when selling your structured settlement.
• Hire a financial consultant. If you find the contract language difficult to navigate, you have the option to ask a consultant to help wade through the legalese.
Use the tips mentioned in this article to ensure smooth sailing when you decide selling your structured settlement is the right move for you, and you’ll steer clear of common pitfalls.