Explanation Letter For Late Payment For Mortgage
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How to fill out Sample Letter For Explanation As To Tardiness Of Corporation Formation?
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FAQ
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.
90 days late Your lender will likely send another, more serious notice, known as a ?Demand Letter? or ?Notice to Accelerate.? It's essentially a notice to bring your mortgage current or face foreclosure proceedings. The process and timeline for foreclosure varies from state to state.
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.
Next, you should write a letter of explanation that and include it in your application for the underwriter to review. This letter should include a thorough explanation of why you missed a payment, what you've done to remedy the situation, and how you've managed your finances since the late payment occurred.