How do I write a letter explaining why I am buying a house within close proximity of the current home I own. Is there a sample letter available? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Mortgage underwriters normally want documentation attached to the letter of explanation. For example, a letter of explanation may be required if Borrowers with prior bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale, letter of explanation to underwriters will be required.
Just writing in the letter that you were seriously ill and unable to work won’t cut it. Whatever explanation you offer, you need to back it up. If you had a medical emergency, include copies of the hospital bills with your letter. If you filed bankruptcy because your spouse died, include a copy of the death certificate.
How to Write a Letter of Explanation for a Mortgage Lender. For example, if a borrower’s income is lower in the recent year compared to years previous in the same position, a mortgage underwriter may request a letter of explanation to clarify the discrepancy. It may be that the borrower has an even that required a period of absence,
Applying for a mortgage is a complicated affair for anybody, but if you have a foreclosure on your credit record, there’s even less certainty you’ll be approved for a home loan. One of the.
Underwriter Letter of Explanation?. I was a mortgage underwriter years ago. These letters are documentation for the file that permit them to approve your loan when they could decline it. You need to make their job easier and give them cover to approve your loan.
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Mortgage Q&A series: "What is a letter of explanation?" If you’re currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a "letter of explanation" or LOE to provide a little more color to what the underwriter might feel is a complicated matter.
The reasons why you may need to write a letter explaining your bankruptcy and the type of things a prospective lender will want you to include in the letter to be convinced of your ability to fulfil your obligations as a lender.