Hello. I finally have my loan package and its pretty straight forward. M mortgage broker does want a letter of explanation for
short sale 2009
car late payment 2011
credit card late payments (one card has 2 lates and the other has several)
do I write ne letter explaining everything or a separate letter for each issue?
2009 spouse laid off short sale happened
2010, 2011 late payments spouse finally working but 100% commission so rent, utilities, food, child care came first, car payments and credit cards second priority
last three late payments on the one credit card baby born, three months maternity leave, spouse still on commission job
Spouse finally went back to a salary job, bills on time for the last 12 months. Six months ago we separated and also seperated our finances. Trying to buy a house on my own and I am so close.
middle score 664 and no late payment for 12 months.
seperate letter for each "issue/event"...... (each issue might affect more than one item)
1. what happened?
2. how did you deal with it?
3. what steps have you taken to assure it doesn't happen again?