What is this lump next to my mouth? What can I do to remove it? (Photo)

Ihave this lump next to my mouth & it protrudes and moves when I talk. I don't know what this fat in this area is called so I put my question under buccal fat removal. As you can see, when I smile just a little (without showing my teeth), my skin looks saggy there too. The skin on that side of my face is actually looser, I think perhaps because I've always slept on that side. What can I do to remove this? I'm worried fat removal will leave my skin more saggy. I'm only 27