delinquency reasons to be stated

Guest 0.10 Dollars($)

We are going to close on our 1st. home on first week of next month. That's exciting news for both me and DH as this was a long time dream. But we were asked to submit a letter stating the reasons for our delinquency within the past 24 months.

How to prepare this? Is it asked to others also?

Guest 0.10 Dollars($)

Don't worry about it. We had to submit the letter during our loan process too.

We clearly stated the reasons and that was it. We had no problems as the reasons were genuine and there were good explanations available.

jameshogg · Posted: Mon May 29, 2006 12:58 pm Post subject:

Hi Karen,

You can just write a summarizing letter and I believe that will be sufficient. Need not write separate letters on each delinquency.

The main thing that matters is you must have good reasons behind all your late payments.

Samantha · Posted: Mon May 29, 2006 1:15 pm Post subject: delinquency reasons to be stated

Hi Karen,

Congratulations on first home. You are already near the closing and it is just a matter of time before you move inside. Don't get over-worried with the statement that has been asked from you. Smile

I believe that you have strong explanations behind your delinquencies. That statement is quite commonly asked when the borrower is found to have past records of late payments.

They just want to verify whether you had genuine reasons for becoming delinquent or it was just your carelessness and habit of not meeting the payments in time.

The approach to your statement should be like this. Make three sections of your statement. In the first section give the reasons for your delinquency. The next section should contain what you have done since then to ensure that you don't face similar problems in future.

In the last section mention that you are completely out of any problems now and that it is unlikely to happen again as a result of the steps taken by you.

You need not elaborate a lot. The points should be clear and that will do the job for you.

God bless you.

For MortgageFit,
Samantha

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