Using A Structured Settlement Sale To Buy A Home
Filed under: Structured Settlements — Structured Settlement Expert @ 4:53 pm
One reason that some settlement holders seek to convert to cash involves the desire to purchase a home. As long as other income is in place to handle living expenses and taxes, a structured settlement sale can prove very beneficial in this case.
Selling Structured Settlements Can Streamline Finances
Many personal injury cases result in plaintiffs receiving a structured settlement. Rather than single payments, plaintiffs are given periodic payouts over time. This option is backed by an annuity.
Sometimes, however, unforeseen circumstances arise. When a structured settlement recipient, for example, has thousands of dollars in medical, credit card and other bills, payments over time may not do much to help.
When streamlining finances and paying off large bills is necessary to put a person on more secure financial footing, a structure settlement sale can make sense. To achieve this, many structured settlement holders seek out companies that buy the regular payments for a single cash payout.
Obtaining a structured settlement buyout does require a little work. First, the recipient needs to seek out a reputable company to make the purchase. The next step involves garnering court approval for the sale. If this is received, the settlement recipient is able to accept a cash buyout and the regular payments will go directly to the purchasing company.
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