Buying A Home With The Help Of Selling A Structured Settlement
Those who receive structured settlement payments do so because of a legal arrangement created as a result of a personal injury case. Instead of a total payment, the receiver of a structured settlement will receive their money over the course of pre-arranged, periodic payments made through an annuity.
There are situations, however, where the structured settlement recipient may desire a lump sum payout of money – such as in the case of purchasing a home. Under these circumstances, the court may approve the sale of the structured settlement so that the payment recipients will have enough money in hand to purchase a property.
If such a sale is approved, the structured settlement recipient will turn to a company that specializes in purchasing structured settlements. In exchange for future annuity payments, the company that purchases the structured settlement will pay the seller a lump sum of money which they can then use in purchasing their home.
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