In these harsh financial times, many homeowners are falling into debt or-even worse- losing their homes because they are unable to keep up with mortgage payments. This article explains how structured settlements can be used to prevent such events from unfolding in your financial life.
In the market fall of 2008, you might have witnessed many families being rendered homeless and even you might have felt bitter touch of recession. These kinds of incidents are very common during an economic crisis. But how do you avoid such circumstances? You could cut down on your expenses to keep you floating. But what do you do if you lost your job and don't see any bright ones ahead? Here's an instance of a family that I know of and how they were able to find the light deep in the jungle of darkness.
The husband of this family in consideration is a great friend of mine and he happened to narrate this incident to me once. He was working as a senior manager in a software firm. He had a loving wife, three kids and a very well paid job. To sum it up, he was living a great life. But when the markets came stumbling down, little did he know that this hit would affect him to the extent that it did. He lost his job. And due to his lavish lifestyle, it was not uncommon that he had a lot of loans on him. The loan lenders started to trouble him day and night asking him to either pay back the loan or vacate their home so that they can sell it off to settle the bill.
He saw no way out of this dangerous maze. Every direction he could take seemed to end up with a negative result. At this point, the family started going through all their financial assets to see if anything could lift them out of this hell hole. They found some sundry assets but they were not enough to pay off their debt and save their home. That's when the wife found the structured settlement she had received long back when she met with an accident. The structured settlement was scheduled for 30 years and it paid $900 a month. But this was insufficient either. So they decided to sell the structured settlement.
Even though the country was in chaos over the recession, a company decided to buy the family's structured settlement for a well bargained $50,000. This might have seemed as a stupid deal to outsiders but it was a splendid boon to the family. It just took them a couple of months to get their money wired to their account. They were finally successful in not only clearing off their loans but also were left with sufficient funds to help start their own business. The family currently run a computer trouble shooting business and is doing pretty well.
Always remember, if you have a structured settlement, it will always come to your help in your time of need.
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