Hello everyone, this is Ashley Jamerson from Ashley Lambert Realty. This is video 2 of my "Get Your Credit Straight" series. Today, I will be discussing letters of explanation - what they are, why you need them, why the lender is asking for them, and the basic elements that should be included in your letter of explanation. First and foremost, if your lender requests a letter of explanation for items described on your credit report, do not be stressed out or scared. This is very common. The top three reasons why a lender may ask for a letter of explanation are discrepancies, late payments, and defaults on your credit report. They may also ask questions about your employment, such as gaps in employment or a change in fields. They want to know about any previous addresses listed on your credit report to ensure they are accurate. Previous addresses may indicate identity theft. Keep in mind that if a lender is requesting a letter of explanation or more details about a specific situation, they want to know not only what happened, but also why it happened and how it was resolved. They want to understand if the debt was disregarded, if you were financially unable to pay, or if there were extenuating circumstances. Extenuating circumstances, such as job loss, separation, divorce, or hospitalization, can significantly impact your finances. It's important to mention these circumstances in your letter of explanation. If your situation involves a death, divorce, separation, or hospitalization, you will need to provide supporting documents. Choose the supporting documents that you feel comfortable giving, especially when it pertains to medical issues. These documents should clearly state the incident, the date it occurred, and align with what is stated on your credit report. You should also include information about how you resolved the...
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Naca Gift Letter Pdf Form: What You Should Know
If you are changing your mortgage or if you wish to refinance/renew, or make changes to your loan term/payment structure, we strongly encourage you review these instructions to ensure that your budget meets the needs of your property and your lender. There are two ways to use the Workbook: You can use a workbook that the mortgage broker uses to set the budget for you, or you can review the instructions on this Website and print them out. We offer the Workbook as an option on the monthly mortgage schedule or can submit them electronically to your lender via FHA, USDA, VA, or Direct Loans. If you use the Workbook, you should verify that you are eligible for an approved loan with the information provided here before printing the Workbook.  2. To change your monthly mortgage, please follow the instructions in the monthly mortgage schedule. You will need to complete the monthly mortgage schedule and be sure you have your current lender to verify the loan. We do not accept change requests on this Website. If you submit the workbook electronically, you may change your monthly mortgage at any time. 3. To make any loan payments that have come due, you may enter these amounts in your Monthly Mortgage schedule. This may help reduce any financial impact you have. Payment shocks — These amounts, which are listed in the Workbook, provide payment shock, which has the potential to result in the decrease in the value of your property of 5 percent or more should you miss two or more payments in a row. Payment shocks are considered a “charge” that you may be eligible to receive.  You can see the monthly mortgage schedule instructions, which include payment shock information, here: Daily Expense Dump. Payment shock is not included in NACA's estimates of the market value of the house.  You may need to submit your payments if the property becomes delinquent, in which case payment shock and other financial problems could be due to one (or more) factors that are the responsibility of the lender. Payment shock is not an amount of money you are charged. If your monthly payment amount exceeds your monthly expenses, we will not be able to reduce your mortgage amount without you making additional payments.
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Video instructions and help with filling out and completing Naca Gift Letter PDF
