late payment explanation letters, also called goodwill letters can be utilized in quite a few situations where you have missed a payment. Then have them explain the reason why they feel the underwriter should reasonably expect them to have the ability to make the payments.
There are some consequences of late payments, such as fines and additional interest. An explanation letter is usually written in two scenarios, namely, a case where the payment is yet to be made, and the borrower asks for more time, and a case where the borrower has made the payment and is apologizing for the late payment.
Dear underwriter: (Background) My name is Derrick Johnson, and I wish to explain to you why I had a string of 30-day late payments on my mortgage and credit cards nearly two years ago. I was at work and sustained an injury to my arm that put me out of work for nearly six months.
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If your letter of explanation concerns a missed payment or late bill, you can explain the circumstances that led to the problem, as well as any steps you may have taken to ensure you won’t run.
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Use our default explanation letter template to explain why you have arrears, missed payments, a default, judgment, Use the below default explanation letter example to explain the reasons for the default and what steps you have taken to rectify the situation.. My husband and I divorced in late 2015.
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While going through the pre-approval process my soon-to-be lender discovered that I was late on a mortgage payment about 3 years ago (the loan has since been paid in full). Now my soon-to-be lender is asking for a letter explaining why I was late on that payment. I don’t even remember being late but I can’t deny it either. So, two questions:
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How To Write Letter Of Explanation To Mortgage Underwriters – Then all of sudden a period of late payments on all of his or her payments. The underwriter will require a letter of explanation as to the event that caused the period of bad credit. Borrowers who filed bankruptcy, a letter of explanation will be required.