letter of explanation for bad credit

Fortunately, when your loan officer or an underwriter requests a letter of explanation, it doesn’t have to be a big stress moment. It’s common for mortgage underwriters to ask for a written explanation for certain situations or problem areas in your credit history, employment or other areas.

 · When writing a mortgage letter of explanation, be as specific as possible and include actual dates and dollar amounts. If your LOE relates to a late payment or some other negative issue, you might want to describe the steps you’ve taken to ensure it won’t happen again.

The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied .

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Be businesslike in the letter and offer a clear explanation of the circumstances that led to your financial difficulties. 2.. How to Rent a Home if you Have bad credit; credit sesame Daily: How.

How Do You Write a Letter Explaining Bad Credit. – If the letter to explain bad credit is for use in securing a home mortgage, Trulia recommends ordering a copy of the credit report and detailing the reason behind each negative remark listed on the report.

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The ABCs of Writing a Letter of Explanation for a Mortgage. August 1, 2017. s common for mortgage underwriters to ask for a written explanation for certain situations or problem areas in your credit history, employment or other areas.