- This was posted on July 31, 2009

In the last post we talked about the imminent foreclosure of our home that we were undoubtedly facing thanks to the loss of both my husband’s job and my own. We had done everything we could think of to find ways to keep up with our mounting debt and monthly bills but we were drowning quickly with no hope for escape; or so it seemed. When the foreclosure paperwork finally did come and we went to consult a lawyer we thought that all hope was indeed lost. But as he explained to us, we did have another option – to sell annuity payments from the structured settlement that we had been given some years ago.

The structured settlement was a cash award from a personal injury case; the final settlement amount which was put into an annuity that was then responsible for dispersing payments to us on a schedule that had been pre-determined. This money was extra for us when we were both working but when we lost our jobs it became our only source of income. We had little savings and after being out of work several months we pretty much went through all of that as we tried to pay down bills and just meet our utility expenses. With the job market being what it is we simply needed more time and that just didn’t appear to be available to us in terms of keeping our home.

As the lawyer explained, however, the annuity payments were ours to sell and if we worked with a buyer of structured settlement annuity – a purchasing company – we could sell future payments (as many as we needed to sell) for cash in our hands today. So that’s exactly what we did. We sold quite a number of future payments and with the cash we caught up on our mortgage and paid off our debt which improved our cash flow and allowed us to live in peace while we resumed our job hunt. We have since both gotten new jobs but the choice to sell annuity payments absolutely saved our home and allowed us to get back on our feet.

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