ACTIVELY SEEKING TO PURCHASE
& COMMERCIAL MORTGAGE NOTES, TRUST DEEDS
BUSINESS NOTES NATIONWIDE,
along with other
structured payments arising from legal settlements,
annuities, lottery winnings and other types of payment
contracts including but not limited to inheritances
etc., we will underwrite all notes and close a purchase
very quickly, provided we
have a complete loan file including the required
documentation to provide us with the ability to give our
customers a quote., and we will look forward to serving
you in a professional manner.
A COURT ORDER MUST BE ISSUED PRIOR TO SELLING YOUR STRUCTURED
SETTLEMENT OR ANNUITY.
On January 22, 2002, President, George W. Bush signed into law
a bill that protects individuals when selling their structured
settlement payments to meet un-planned future financial needs. This
new law makes all structured settlement payment sales subject to a
court order. If there is no court order, a tax that is approximately
equal to 40% +/- will have to be paid on the total amount of
payments being sold. This new law helps those individuals from being
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SELLING ANNUITY/STRUCTURED SETTLEMENT PROCESS.
There are a number of different programs
whereby an individual can access any portion of their annuity. The
selling annuity of a structured settlement process firstly requires
that a court order be obtained which authorizes the sale. This is
required by all states and by Federal Statute. The advantage of
needing a court order prior to selling the annuity helps to protect
you. The court helps to determine that you are receiving a fair
amount when selling the annuity and that any remaining payments that
aren't sold are protected
Structured settlement transactions must be
accomplished according to strict legal guidelines. A Transfer and
Assignment Agreement is executed with the seller following full
disclosure of the price and other contractual terms. The sale is
announced to all interested parties (payment beneficiaries,
insurance companies) and then must be approved by a judge Personal
injury claims used to be settled merely by exchanging a sum of money
for a release of the claim. In contrast, a Structured Settlement
goes beyond an immediate cash payment and provides future payments
"structured" over time to meet a person's ongoing financial needs. A
structured settlement may provide payments for a certain period of
time or extend throughout the lifetime of the injured person.
People receive structured settlement payments
as the result of legal action. If one party sues another, there
might be a settlement and the defendant might agree to make payment
over time (annuities-structured settlements. The defendant, in
conjunction with an insurance company, purchases an annuity policy
from another insurance company. The annuity policy makes payment now
and in the future to the original lawsuit's plaintiff.
Please note that it takes at least 60-90 days,
from initial contract to final funding, to complete the process.
CAUTION… anyone claiming that it takes less time is not telling the
truth! We will always attempt to set realistic expectations for
our customers. We will not make wild promises that cannot be kept.
We know that our customers want and need their money NOW, but the
law requires that a judge approve the transfer of payment rights,
and that takes time. We keep every customer updated each day, if
necessary, doing whatever is possible to speed up the process., and
getting you your CASH.
1.What is meant by
Simultaneous Closing? The phrase "Simultaneous Closing" is
used to describe transactions that occur when the seller is carrying
back a note, as payment for their property, with the specific
intention of selling the note for cash. In other words,
"Simultaneous Closing" just means, during an escrow closing, that
there are two (2) separate closing transactions happening within
minutes of each other.
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2. Are there any
guidelines for this type of closing?
Yes, one is that the buyer of the property needs to have a FICO
Score of 550 or more.
Because every note has different circumstances it is difficult to
walk you thru the steps here. If you have a situation you wish to
discuss please e-mail us at
firstname.lastname@example.org or call us at 413-592-0858 and we will be happy to walk you thru