I am in the process of getting a mortgage. The lender has asked for a few things: 1. Get a letter from prior mortgage company showing that we were not late in certain months. 2. Get a letter from prior mortgage company showing that house never began foreclosure proceedings. Problem - we WERE late on a few of the payments and the house did begin foreclosure proceedings, although it was stopped and we paid the house off in full (sold house). So, this debt is paid in full. How do I approach the mortgage company asking for these 2 items needed for our new mortgage? I need to do this very quickly and successfully. Any suggestions would be greatly appreciated by me. Just as a note, the credit reports only show 1 60 day late and another 90 day late.
just my opinion, but if it shows on your credit report i'm surprised they are requesting a verification of mortgage. at my company (and this is only my company i can account for) if it reports we dont get a VOM. if it doesn't report we need most recent twelve month history. how long has it been since this happened?
Websters Dictionary Definition-- "Foreclosure: an act or instance of foreclosing; specifically: a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate" This is exactly what I did in my letter to my mortgage company years ago and it worked great. I quoted the dictionary, and then stated that my house had never been foreclosed upon since my rights were never taken away. While it was true that they intended to do so, they never accomplished this before I sold the house. Foreclosure may seem like a process, but truly it's an act. You're either foreclosed upon or you are not. You were not. About the late payments, you can have them indicate the EXACT number of days they were late. In your letter give the circumstances that created the lateness, and how you've changed your ways so this will never happen again. You were late but you DID pay. My mortgage company actually rejected one of my payments when I had TWO payments due and only sent one. I kept the returned letter and check. While this may not apply specifically to you, there may have been a refusal by your mortgage company to accept partial payments?? I hope this helps gives you some ideas to get started.
