So my lender is asking for 2 letters of explanation for 1)all derogatories on credit report and 2)2 charge-off accounts. What are they looking for with these letters?
1- Yes these late marks are mine. Yes these charge-offs are mine. Yes I wish they didn't happen. Yes I plan to avoid this happening in the future.
2 - I take full responsibility for the late marks and charge-off accounts on my credit report between XXXX and XXXX. My wife is a cancer survivor and early on during the first few years we experienced a heavy financial burden with high medical costs and reduce income. As a result, some of our financial obligations suffered. We have since taken steps to ensure medical expenses will no longer be a burden.
So which one? Both are true statements.
