My Experience with a Buyer of Structured Settlement Annuity, Part I
- This was posted on January 30, 2009
Six months ago my husband and I found our dream house. The timing was not at all perfect; our house wasn’t even on the market and we were only just considering selling. But – wanting to get an idea of what was out there in terms of real estate and prices – we starting looking at real estate ads. And there it was; the house that had been in my dreams for years. It was everything that we wanted and we knew it was ours. Within three days we had our home on the market and had made an offer on the other house.
But it got tricky after that. We had very little time to sell our home in order to be able to close on the other one and we just couldn’t carry two mortgages. Then, out of nowhere our mortgage person called and said that we were going to have to apply for the mortgage through my husband only; the fact that I was self-employed, he said, was going to be next to impossible to push through a mortgage qualification (this was when the economy started turning and lenders began to really restrict their qualifications; self-employment was suddenly a dirty word).
While my husband could qualify for the mortgage on his own, he would have to first decrease his debt to income ratio and the mortgage processor suggested paying off our cars and our one credit card. Which is when we decided to sell annuity payments.
We had been receiving annuity payments as a part of the structured settlement deal that I had gotten several years previous; it was money that I had been awarded in a personal injury case and that had been put into an annuity and from which we received a payment every month. But now I could sell annuity payments and come up the cash we needed to pay everything off and get our house. I’ll tell you what happened next in the upcoming post.
Popularity: 14% [?]