Zero Balance Letter
Description
How to fill out Sample Letter For Disputed Balance Notice?
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FAQ
A Zero Balance letter is a letter that you recieve from the CC company saying that as of "x" date. your account balance is "zero" Once you had confirmed that the balance is paid to zero you call the credit card company and tell them you are applying for a home loan and need a ?Zero Balance? letter.
A letter of explanation can be a key to qualifying for home loan funding. If an underwriter requests a letter of explanation, welcome it as an opportunity to clarify your financial situation and clear up any confusion about your credit history or assets.
When a lien is extinguished with no new money or conveyance, title examiners are trained to add the note requiring verification of an actual payoff. It is imperative the settlement agent exhausts all avenues to obtain proof of payment in full through a zero demand or other lender?provided statement.
It's best when writing a letter of explanation to make it short and to the point. You'll want it to provide the recipient with the information they need, however. Be clear and offer as much relevant detail as possible since the person reading the letter will need to understand your situation.
Key takeaways. A letter of explanation for a mortgage is a document that provides further details about a borrower's credit or financial circumstances. The letter of explanation might describe why you were unemployed for a period of time, for example, or why there's an unpaid balance on your credit report.
