- This was posted on July 28, 2009

Let me tell you from experience – nothing will motivate you to move quicker towards a financial solution then finding out that you are facing imminent foreclosure. With the loss of first my job and then my husband’s, mounting credit card debt that was only becoming more pronounced as we turned to our credit cards to help pay for day to day financial necessities, and substantial debt beyond that, we were under water and sinking faster each second. We knew it was coming and tried everything to stall the inevitable as we both looked fast and furiously for jobs but the day that the foreclosure papers came to our door via certified mail we thought our world had ended. What would we do? Where would we go? We knew that we were not alone; there were people all over the country going through exactly what we were going through but it didn’t make it any easier. We felt ashamed, alone, and terrified.

Believe me, if we had known more about our option to sell annuity payments from our structured settlement we would have done it long before then. But we so relied upon our annuity payment that came every month just to survive that we didn’t look at it in any other way than our life line of income that we were blessed enough to have when nothing else was coming in; we were grateful for it. But as much as it allowed us to continue living it did little to help us beyond covering our bare necessities and the minimum payment on bills that were growing by leaps and bounds. All in all, our annuity payment was doing nothing more than putting a band aid on a bleed that was only going to get worse.

When our lawyer suggested we sell annuity payments we were both incredulous that such a possibility existed. But in the end, it would be the very thing that saved us as we’ll explain in the next post.

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