And sometimes you might not get paid. I learned that these settlement companies have to go through the judicial process (court) for approval before the borrower can get the loan. These "loans" are based on settlements the borrower has received, like an accident settlement or lottery winnings paid over time.
The settlement company offers around 50% of the total settlement to the brw and the brw gets the money up front, and the settlement company gets the future settlement payments. Sometimes they get approved through the judicial system, and when that happens you will be paid. If the judge rejects the proposed settlement, you will find it hard to collect your fee, if you can.
Because of my previous experience, it is my particular policy to ask for a reduced cash fee from the brw at the time of the signing. I'd rather have $50-$75 up front than wait 12+ weeks for payment, if at all.
I might add that these are very easy, maybe 4 notarizations, and take only about 15 minutes TOPS. |
