Your daughter's structured settlement is for your daughter, not to save your house. I doubt that you would be able to pull the money out for your personal use but that is something you need to either review the documents or discuss with the attorney who put the structured settlement in place. However, if that money is for your daughter, common sense tells me that it is supposed to compensate her for some wrong/injury to her and that the money is to be used for her benefit, not yours. There are companies out there who will pay you a lump sum now in exchange for a future settlement. The problem is that these companies steeply discount of the money - i.e., they will only pay a small portion now. So this may not be realistic. If you need help with the mortgage, contact the NC Housing Finance Assistance agency or a local non-profit housing counselor. Get foreclosure counseling and see if you can obtain assistance through any of the foreclosure programs out there.
Answered on Apr 28th, 2013 at 8:35 PM