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Letter of explanations for underwriters
If you have bad credit or other issues on your credit report, your mortgage lender will ask you for letter of explanations. There is no right way of writing a letter of explanation. The mortgage loan underwriter will just need a letter of explanation for items such as recent late payments, medical collections, non-medical collections, prior bankruptcy, prior foreclosure, prior deed in lieu of foreclosure, short sale, job gaps, and other questionable items. For example, if you had a prior bankruptcy, the mortgage loan underwriter will want to know what led you to file bankruptcy. You could have been laid off work or the company you worked for could have closed their doors. The mortgage underwriter will want to know that. It is not uncommon for a mortgage underwriter to request multiple letter of explanations during the mortgage application process. Here is an article I wrote about letter of explanation to mortgage underwriters:



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