How to Sell Your Structured Settlement Annuity

Get a Quote for Your Structured Settlement Annuity

The first step toward getting money is to contact a funding company or broker and request a quote for your structured settlment or annuity. Many places will make you fax documents proving to them that you have an annuity before they will quote you. If you contact a representative at Corona Capital they will not force you to fax anything in order to receive a quote. We work with the best funding companies and can usually find our clients the highest cash offers. The amount you receive is based upon the discount rate the company charges you. This rate can be anywhere from 8-25% so it’s good to check around. The lower the rate the more money you will receive. The difference in rates could mean thousands of dollars to you. If you want to sell your structured settlement annuity make sure you're getting a good rate.

Sign a Contract Selling Your Rights to Receive Your Future Structured Settlement Annuity Payments in Exchange for Cash

Once you agree to the offer presented to you, state disclosures and a contract will be sent to you or sent to the notary that will execute the signing. It will indicate the amount of money you will receive in a lump sum in exchange for your future structured settlement payments. You will also sign an affidavit which includes the reasons you are requesting a transfer of payments rights be granted. The judge will review this to make sure the transaction is in your best interest so make sure you have good reasons. Also make sure you have your driver’s license or state ID on the day of the signing as the notary will check. It is advisable that you consult with an attorney and/or financial advisor before signing the contract to sell your structured settlement just to make sure you understand exactly what you're giving up in exchange for a lump sum of cash.

Call around to get the best offer for your structured settlement annuity.

Send Structured Settlement and Annuity Documents to Factoring Company

At this point you’ll need to fax, email or mail in a copy of your annuity contract if you have not done so already. As mentioned previously, many companies will ask for this before offering you a quote. In any event you’ll need to show which ever company you choose a copy of the annuity contract. You may be able to just send a one page letter written by the insurance company that issues your annuity that describes the structured settlment benefits you’re entitled to including the dates and amounts of your payments. At some point you will need to send in a copy of your driver’s license or state ID and your Social Security card. If you’ve ever been divorced then a divorce decree will need to be sent as well. This is needed to prove that your ex spouse has no rights to your payments and to show you have every right to sell your structured settlement annuity.

Attorney Files Petition for Transfer of Structured Settlement Annuity Payment Rights

Once the signed contract has been received by the funding company it is reviewed for accuracy and a file is created. Checks will be done to make sure you have no open bankruptcies, past due child support or taxes due to the government. If you have any of the aforementioned issues they will need to be paid off from the funding proceeds. Your file will then be sent to a local attorney who will submit a petition with the appropriate court in your area. Usually the petition will be filed in the county courthouse where you live. Notices are sent to the owner and issuer of your annuity informing them of the upcoming hearing regarding the transfer of structured settlement payment rights. They have 20 days or so to respond to the notice or object if anything seems out of place. As long as everything is correct they will usually never object to you selling your structured settlement annuity.

Hearing Takes Place Regarding Your Intent to Sell Your Future Structured Settlement Annuity Payments

Statistically speaking the majority of structured settlement annuity transfer petitions are approved.You will be notified as to the time and place of the hearing. Most states will require your attendance although a few do not. Make sure you’re dressed appropriately for court and arrive on time. Typically the hearing only lasts just a few minutes. The judge may ask you and or the attorney one or two questions and will then render a decision. The judge may ask quite simply "Are you sure you want to sell your structured settlement?" Most applications are approved, however denials do happen. Most denials are based on the judge’s opinion that the transfer is not in your best interest. He or she may feel that the discount rate you’re being charged is too high or may not believe the reasons you listed in the affidavit are adequate enough for you to request a lump sum payout. Occasionally, he or she may ask for more information and issue a continuance, however statistically, most times that someone wishes to sell structured settlements , the structured settlement transfers are approved.

Funding the Structured Settlement Annuity Sale

Here is the best part. You will be funded after the hearing takes place assuming that the judge grants the order approving the transfer. It could take a few days before you actually receive your money. Most places will either mail you a check or wire the money directly into your bank account. If you'd like you can review our brief video regarding the process of how to sell a structured settlement annuity.

Articles Regarding the Sale of Annuity, Lottery, Structured Settlement and Life Contingent Structured Settlement Payments

• Get a Quote Before You Sell Your Annuity or Structured Settlement
• How Much Money Will You Get Should You Sell Your Structured Settlement Annuity?
• How to Sell a Structured Settlement Annuity
• How to Get Life Insurance to Protect a Life Contingent or Non-Guaranteed Structured Settlement Annuity Transfer
• Know Your Discount Rate Before You Sell a Structured Settlement Annuity
• Sell Your Annuity
• Sell Your Life Contingent Structured Settlement Annuity Payments
• Sell Your Lottery Payments
• Should You Sell Your Structured Settlement Annuity?