by Structured Settlement Watchdog®
The Structured Settlement Watchdog® is rallying around a Connecticut Woman's cause for Structured Asset Funding to make good on their promises.
On April 14, 2009 we posted the story, "SAF Not Paying for Factoring Deals On Time?
We have clarified with the woman that Structured Asset Funding is now "servicing" the Connecticut woman's structured settlement. We understand that the entire $10,000 per month only set up with American International Life Assurance Company of New York in August 2008 is going to Structured Asset Funding which is due to pay her $150,000 (the proceeds from selling the rights to $1,600 per month for 20 years) plus $8,400 per month for the remainder of the structured settlement contract term.
(for background on servicing please read Factoring Company Servicing of Structured Settlement Payments- Thought Leaders Butt Heads)
On April 16, 2009 a lengthy voice mail message with the structured settlement broker, a NSSTA member, who referred the Connecticut woman to a representative of SAF. According to the woman, the broker communicated to her that the SAF representative said in the voice mail the deal is done, that the representative was not happy about it, that she was "losing money" and even that the representative posited that she was the Connecticut woman's "savior".
This morning April 21, 2009 I received a call from the Connecticut woman and was told that neither she nor her lawyer has received any direct communication from Structured Asset Funding in response to phone messages left April 16, 2009 and April 20, 2009, nor received the funds promised that she needs to avoid losing her home. The woman has a balloon second mortgage due May 1, 2009.
181 days (5 months 30 days) since start of factoring process, October 23, 2008
89 days (3 months 2 days) since first Court hearing January 20, 2009
55 days (1 month 27 days) since "closing" date of February 26, 2009