There are times when a mortgage underwriter needs a letter of explanation for one or more items in your loan package. Letters are often needed to explain a credit problem such as the circumstances.
The FDCPA does not explicitly reference the Bankruptcy Code. followed immediately by an explanation that – to the extent the consumer is protected by the automatic stay or a discharge order – the.
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Re: bk explanation letter? Very well put. Bottom line is that you want to explain (unemotionally) what happened, how you recovered, and why it will not happen again.
"You want to do what you can to take the sting out of the bankruptcy." One way to do this is to draft a letter of explanation, presenting your unique circumstances. "Relate the simple facts of 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.
A letter of explanation for derogatory credit may help convince a creditor, employer or insurance company to favor the consumer’s new credit request. Use these sample letters of explanation for derogatory credit as templates for your formal letter.
The IRS is in the process of sending letters. The company’s explanation for the loss, despite the sweetheart deal: A faulty gas pipe installed by the city that delayed a construction project. PG&E.
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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.
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Although bankruptcy and foreclosure can reduce or eliminate excessive. grounds for the exceptions. You must submit a letter of explanation and, possibly, supporting documentation as the lender.
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Re: Letter of Explanation sample I’ve been referring clients to this thread as an excellent example on how to write a letter of explanation, it is many years old but the format is exactly what underwriter’s are looking for.