Lenders require you to explain risky aspects of your credit history and any discrepancies on your application. They request written letters of explanation for late payments, bankruptcies and foreclosures to determine whether circumstances beyond your control led to your financial troubles and whether your credit problems are likely to recur.
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How to write a letter of explanation. The key to a good letter of explanation is to cover all possible derogatory marks, gaps and extenuating circumstances that may catch the underwriter’s attention. Be specific, and include dates, details and supporting evidence for each scenario you describe.
MILLBURY – The Secretary of State’s Office has ordered the town to submit for review an unredacted copy of the separation.
Far from building trust in the system, Mr. Noor’s case came to be seen by Somali-Americans as a sign of a double standard. in such a case – the death of Ms. Ruszczyk defied easy explanation. She.
If you were in the hospital and couldn’t work for six weeks, a copy of the hospital bill is a perfect documentation to send with your letter of explanation. If there was a death in the family that took you away from work, then a letter of explanation should say that along with a possible copy of the obituary.
When is a Large Deposits letter of explanation NOT triggered? If the source of a large deposit is identifiable from the asset statement and is an acceptable source of funds, no further explanation or documentation is required from the borrower. Examples of acceptable sources include: Payroll deposits from an employer
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A letter of explanation is a 100-word letter that sits on file at the three major credit bureaus; transunion, Experian and Equifax. This letter then gets sent out to anyone requesting a copy of your credit report, providing context for any negative credit entries.
You just received an email from your Loan Officer asking for a Letter of Explanation. Many borrowers have no idea what should be contained in that letter or even more importantly, why it is required.
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