These late payments may not prevent you from qualifying for a mortgage, but you will have to explain, in writing, any late payments on your credit report to the underwriter. While this letter isn’t the cure-all for a severely negative credit report it may be just what it takes on a marginal one.
A few letters remain lodged in my memory. An explanation of late payments caused by simultaneous high medical expenses and interrupted income ended with "It was ketchup soup for a while but we survived." A letter about seasoned funds stated the borrowers "saved all the money we could not possibly spend."
Just got the report back today for USDA and decision was Refer/Eligible. They are asking for a letter of explanation for a few late payments in late 2015 and one in Feb 2016. Here is where I am stuck, I dont really have a good reason why I was late. The real reason ashamedly is poor money-management and bad decisions.
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Letter of explanation to underwriters needs to be written by borrowers on items underwriters needs clarification on.. late payments; irregular items such as large and irregular deposits; gaps in employment;. A mortgage underwriter will request letter of explanations for many reasons;
Payments to his insurer, to Google for online advertising and. collection office complained about the problem through the.
All of the other late payments on my report were from 2011 and, again, those have all been paid. Writing the Perfect Letter of Explanation – Writing the Perfect Letter of Explanation Published on. in case the Government or another Underwriter has to review the file.. explain the circumstances surrounding late payments or.
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I am sending you this letter and the attached documents to explain my late medical bill payments to XXXXX Hospital. This applies to late payments dated 5/1 to 6/15, 2012 for a balance of $45,971. When this situation occurred, I found myself with a serious health challenge and inadequate health insurance.
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Bisson was referring to the government’s pledge to implement the 38 recommendations of the Auto Insurance Anti-Fraud Task Force, which released its report late. Canadian Underwriter Friday that.
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