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How to write a letter explaining your mortgage and/or other lates when applying for credit.

OK, so you have gotten your credit report in the best shape possible and you are trying for that new home. BUT, your credit still has some dings. Even though you may qualify, the lender will ALWAYS ask you to explain any lates on your report. This letter will not help a desperate credit situation, but may make a difference in a marginal one.

The basic premise of this letter is:

* The situation you were in which caused you to pay late was beyond your control

* You have vowed to never let it happen again

* Here are the things you have done to make sure it doesn't happen.

To Whom it May Concern:

I am writing this letter to explain my late payments on my mortgage to XYZ mortgage company and to American Impressed in Jan 2000.

I am very distressed that this has ever happened to me, but I was <laid off>, <seriously injured>, <going through a death in family> . The circumstances drained my carefully put aside savings and I was forced to miss a payment because of it. My financial advisor told me not to tap into my 401K, and I was able to recover from this crisis and begin making on-time payments.

I have always prided myself in paying on time, and I have taken steps to put away more money in my savings account to guard against other unforeseen occurences like this.

Sincerely,

your signature

This letter is fine, but it is better to remove your late payments first or contact the creditor that reported them to try and have them removed. You can either remove them by negotiating their removal upon final payment with the original creditor or by disputing them to the credit bureaus.

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โˆ™ 2010-04-12 22:13:19
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Q: How do you write a letter explaining late payments?
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