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These late payments may not prevent you from qualifying for a mortgage, but you will have to explain, in writing, any late payments on your credit report to the underwriter. The basic premise of this letter is: To state the situation you were in which caused you to pay late was beyond your control.
Death in the family, loss of job, medical emergency, etc.
Express your determination to never let it happen again. Things to bear in mind as your craft your letter: This letter is from you. Write it in first person.
Write in complete sentences. Be sincere and contrite. This letter should convey exactly what happened, that you care about your credit history and how concerned you are by these derogatory items and how they reflect badly on your good name. Example To Whom it May Concern: I am writing this letter to explain my late payments made to creditor or creditors in insert date or dates.
I am so disappointed that I made these payments late, but I was. I had saved for emergencies but after those savings were drained, I was forced to miss a payment because of it. I thought to take a loan from my k but my financial planner advised against it.
I have since been able to recover from this financial crisis and am making all of my payments on-time. I prided myself in making timely payments and have again begun to put away more money in my savings account to guard against other unforeseen occurrences like this. I have also set up my financial obligations on auto-payment to be sure my payments are made in a timely manner.
Sincerely, Do not use this letter. This is meant as an example only.Jan 20, · Letter of Explanation sample. Wonderin. Senior Contributor Mark as New; Bookmark; Subscribe; Late payments dated 12/07 and 01/08 in regards to current ACME Credit Union (Auto loan) – I've been referring clients to this thread as an excellent example on how to write a letter of explanation, it is many years old but the .
Overall, if you are able to write a really good letter of explanation, you will be able to buy yourself more time, as the lender may not report the late payment, thereby preserving your credit rating. Sample Rental Letters. If you are a current/prospective landlord, property owner, property management company or tenant, any letter you write the other party can be called a rental letter.
In the complicated world of credit scores there is one fact pretty much everyone assumes is true: Late payments are bad for your credit scores.
After all, negative information like late payments can stay on your credit reports for up to seven years, so the first sign of a late payment on your credit. How to Write a Letter to the IRS. In this Article: Responding to a Request for Information Asking for an Abatement Filing an Appeal Letter Community Q&A The IRS is one of the most feared government agencies.
However, you have nothing to fear when you need to write them a letter. Follow these simple steps to writing a successful IRS penalty abatement reasonable cause letter, which can help remove late filing/payment penatlies.