Steps for selling a structured settlement




You were awarded a structured settlement, and after a few years you have decided to sell it and exchange it for one lump sum. What do you do now? Well, the following are some steps that you should take so that you make the best decision. This will take you through the first part in selling your structured settlement.

1. The first thing you will want to do is to figure out what your financial needs now, present and future. You will want to talk to an attorney or a financial advisor.

2. The next thing to do will be to get in touch with the provider of your payments, and find out the amount left, the number of payments left, and your structured settlement’s terms. Also get all of the contract information so that you can give it to the buyer.

3. Figure out how much of your settlement you want to sell. If you sell payments that will be coming shortly after you sell, you will be offered more money than those that are coming in the future.

4. Find a reputable structured settlement buyer and make certain that you are comfortable with them.

5. Get quotes from different buyers, and weigh all factors before making a final decision. These factors include comfort level, experience, and reputation, to name a few.

6. Finally, you will sign a contract with the buyer. Make certain that you have your attorney read over the contract before you sign anything.

7. Once you have chosen your buyer, you will need to provide the buyer with some information. The quicker you gather the information, the less time it will take, but the process can last anywhere from two to fourteen days.

The things that you may need to provide are the following:

1. Release/court judgment/settlement agreement The contract from the payment provider or insurance company/Annuity policy Bank statement or stub to verify payment Your own personal information, which could include a state issued ID or driver’s license. Copy of divorce decree or marriage license (if it applies) Any documents discharging a bankruptcy (if it applies) Information about your lawyer

2. After everything is in the buyer’s hands, this is a good time to ask them what about the underwriting process and how it works. Beware if the buyer says it will be a short processing time.

3. Once the underwriting process is done, the buyer will give it to a judge to review. Ask your attorney if you should appear, and if it’s in your best interests. Find out from the buyer what the costs are and who will be responsible to pay them.

4. If your request is approved, the buyer will give you the money.

Remember this is just a set of guidelines, and each situation is unique.

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