Mortgage company wants a letter of explanaton for a late payment and why BK filed. Anyone have any examples? Thanks
Simple explanations: Payment was late because......whatever your reason was. Why you filed bankruptcy........it was a business decision.
I got a mortgage last May & had to write a similar letter. My advice is to give it a personal touch, emphasizing how you have learned to be responsible and toot your credit worthiness. It's okay to talk about life events that led to having to file the bk. This will likely be read by a underwriter so spend some time to make it look good. Tegleg
I agree. Something like this doesn't need a sample. Just state your case, but make it clear. As Tegleg says, it will be read by an underwriter. You want to come across as sincere--someone who had a hiccup, has recovered, and won't do it again. Have someone proofread it. Believe it or not, things like typos or using the wrong word (there and their, for and four, things like that) can have an impact. They shouldn't, but they do. This is being reviewed by a real live human. And no matter how much a person tries, there is always something that can trigger a negative response. So spend some time on it before you just jot something and send it off. Good luck!!!
