You may need to provide a letter of explanation for any negative items on your credit report, including missed payments, defaulted loans, foreclosures or repossessions. Business, Open the document in the feature-rich online editing tool by hitting. But paying off a collection account tells lenders you ultimately honor your financial commitments, even if you've struggled to do it on time. The letter should include an explanation regarding the negative event, the date it happened, the name of the creditor and your account number. Get the latest housing market news and expert analysis delivered straight Follow these simple guidelines to get Address Discrepancy Letter Pdf completely ready for submitting: Submitting Address Discrepancy Letter Pdf doesn?t need to be confusing anymore. Residing in the U.S. Even if the variation was intentional and not a mistake, you should apologize for not having it communicated earlier. Contents of the Address Discrepancy Letter Loan Information: Borrower(s) name, loan number, and date. Specific documents will vary based on your situation. The letter is something that can be kept as proof that the customer explained the discrepancy in address. Due to this, a person is expected to explain the situation by writing a brief letter. If your credit report has any negative history, or if there is something in your mortgage application that requires more information, a lender may ask you to submit a "letter of explanation." What Is an AKA Letter? Hero Home Programs If your lender asks for a letter of explanation, you'll want to state what the issue is and, if needed, describe how it was resolved. Think of a request for a letter of explanation as an underwriters way of saying to the lender, We know this item is here, and weve looked into it.. I did recover quickly and started a new position two months later. Lenders could ask for a letter of explanation if anything in your credit history or financial situation raises an eyebrow during underwriting. How to Write a Letter of Explanation for Your Mortgage - LendingTree The answer is, it depends. This letter will explain the address variation that you have seen in my credit report: I have mentioned two different addresses on the document I submitted to the bank by mistake.
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