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While the government is shut down, credit card companies and banks are not, so those employees will still be expected to pay things like their mortgage and other bills. during the shutdown as well.
This letter will not help a desperate credit situation, but may make a difference in a marginal one. Explaining a couple late payments could mean the difference between a good interest rate and a fair one. The basic premise of this explanation letter is to address: The situation you were in which caused you to pay late was beyond your control.
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Here is an example of the type of letter you could use to explain the. With a mortgage, personal loan and other financial commitments to fulfil,
The newest mortgage lending guidelines require that you have more. You’ll need to have a contact in your human resources department available to write up a letter of explanation or fill out a.
The ABCs of Writing a Letter of Explanation for a Mortgage. Fortunately, when your loan officer or an underwriter requests a letter of explanation, it doesn’t have to be a big stress moment. It’s common for mortgage underwriters to ask for a written explanation for certain situations or problem areas in your credit history, employment or other areas.
“You’ll need to provide an explanation letter, which should be short and focus on recovery from the event, rather than excuses for it,” says Casey Fleming, author of “The Loan Guide: How to Get the.
Again, most letters of explanations are written by loan officers. Letter of explanation is required if borrowers had events below: Bankruptcy. mortgage loan modifications. foreclosure. Delinquent Credit Payment History. Recent Job Change. Divorce.
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Writing a late payments letter is an important part of explaining to a lender what happened and how these problems will be prevented in the future. Writing this type of letter is not a guarantee that the financing will be approved, but a well-crafted letter will certainly increase a person’s chances of getting the funding that he needs.
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Any number of situations may cause a mortgage underwriter to ask for a letter of explanation. You may be asked for a letter of explanation if there are issues with your credit report. Sometimes.
how to reduce mortgage insurance How to Eliminate Private mortgage insurance (pmi) – Cash. – Pay your mortgage on time, every time so you can cancel at 80% loan-to-value ratio rather than waiting to reach 78%. Don’t take out home equity loans or lines of credit as they reduce your property’s equity and cause you to pay PMI longer. Remember, Private Mortgage Insurance doesn’t benefit you – it benefits the lender.