There are many good reasons to sell structured settlement payments, including paying off debt such as credit cards, medical invoices, maybe you need cash to start a business or possibly cash to pay tuition. When you settled the lawsuit there was probably no consideration for the need you have now to sell your payments.
So what do you do if you have annuity payments from a lawsuit settlement but you need cash now instead?
Most people who approach us to sell structured settlement payments have a need for getting their money early, however many times they don’t know how it works or how much they will get for their payments. We want you to be completely comfortable with your decision to sell your structured settlement so below we are going to share in depth the following:
- Your options when selling your payments. You can sell your payments in hundreds of different ways such as selling a portion, selling all or even start selling your structured settlement payments that don’t start for years from now.
- We want you to also know what documents you will need to sign
- Finally, what the process is for selling your payments.
Please read on as we go in depth on the process to sell your structured settlement payments or if you would like you can contact one of our experienced, knowledgeable and friendly representatives here at Mainstreet Funding who can help you through the process. Give us a call at 1-877-919-8003.
We provided this guide to help you to understand the process to sell structured settlement payments whether you need the cash now or looking to do something down the road.
You Have Options When you Want to Sell Structured Settlement Payments
We want you to know that selling a structured settlement comes with many different options for you. Each annuity is different so how one person would sell their structured settlement payments may be quite different from another person. The annuity can be viewed as a pie that can be cut up in any way that fits your particular needs and future goals. As an example, you could decide to sell in one of the following ways:
1) Sell a small amount of each monthly annuity payments for a ten-year period of time
2) Sell all of the payments over the full term
3) Sell all of each payment for a particular period of time like ten years, fifteen years or any period that makes sense to you
4) Sell payments starting 2 year, 5 years of anytime in future
5) Sell progressively more of each monthly payment each year. In other words, you could sell $200 of a $500 payment for the first year, then sell $250 the next year and so on.
You have many different options when you choose to sell structured settlement payments, so it is important to speak with one of our experts here at Mainstreet Funding who have the experience and know-how to help you design a plan to get you the money you need now while ensuring you have money in the future to cover any additional income needs.
What is Necessary to Sell Structured Settlement Payments?
Although all structured settlement companies must follow the same rules in order to assist you to sell structured settlement payments, there are very few that actually appreciate you and your situation like Mainstreet Funding. Mainstreet Funding focuses on building a long-standing relationship with you, which means keeping your best interest in mind throughout the transaction. With a vast amount of experience in the industry and a desire to exceed your expectations, we will provide you the understanding you deserve so that this is easy and simple for you. Your representative will ensure also that you get the best price for your annuity payments while building a plan designed to fit your needs. The personal attention you get from Mainstreet Funding is unmatched. For many people this is their largest asset, so this decision should be considered carefully. We are here to make sure that all your questions are answered fully, so that you can feel good about selling your payments.
Finally, we will review every document closely with you, from the disclosure statement all the way through the contract you will execute. Our representatives will walk you through each of the documents to ensure you are comfortable with the agreements. Your comfort and satisfaction with Mainstreet Funding and your transaction is our number one goal. We want this to be the best possible experience for you when you sell your structured settlement.
What is the process to sell structured settlement payments?
The majority of the states have passed a structured settlement statute, based upon a federal statute, that provides the rules to transfer structured settlement payments to a third-party. However, some of these states have added additional requirements beyond what is included in the federal statute. That statute governs how to transfer your payments to us. There are certain requirements that must be met in order to be compliant with the statute. For example, some states require you to seek independent professional advise before you sell structured settlement payments. Not necessary in other states, but could provide you an additional level of comfort. Each state requires that you receive a disclosure statement which provides you a summary of the agreed upon terms of the transaction. If you would like to learn more about the disclosure statement, review our other post which details the disclosure statement. After a particular waiting period from 3 days to 10 days, depending on the state, you will receive a contract, also known as a transfer agreement. After the contract is executed, then a court order will be pursued in which a judge will determine that the transaction to sell structured settlement payments is in your best interest. Once the judge has approved the transaction, then you will receive your cash.
To discuss the process to sell your structured settlement payments further, get a quote or any other questions you may have, please contact one of our Mainstreet Funding structured settlement representatives at 1-877-919-8003 or complete the form to the right. We look forward to working with you and answering your questions.
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