Late Payments * Applying for Credit * Explaining Late Payments * Applying for Mortgage Loan

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Letter to Explain Late Payments When Applying for Credit - Sample Letter 14

How to write a letter explaining your mortgage and/or other lates when applying for credit.

So you have gotten your credit report in the best shape possible and you are trying to buy a home. BUT, your credit still has some dings. Even though you may qualify, the lender will ALWAYS ask you to explain any lates on your report. This letter will not help a desperate credit situation, but may make a difference in a marginal one.

The basic premise of this letter is:

• The situation you were in which caused you to pay late was beyond your control.
• You have vowed to never let it happen again.
• Here are the things you have done to make sure it doesn't happen.

To Whom it May Concern:

I am writing this letter to explain my late payments on my (mortgage) to (mortgage company) and to (other creditors) in (insert dates).

I am very distressed that this has ever happened to me, but I was <laid off>, <seriously injured>, <going through a death in family> . The circumstances drained my carefully put aside savings and I was forced to miss a payment because of it. My financial advisor told me not to tap into my 401K, and I was able to recover from this crisis and begin making on-time payments.

I have always prided myself in paying on time, and I have taken steps to put away more money in my savings account to guard against other unforeseen occurences like this.

Sincerely,

Your Signature

If you would like to download a copy of this file for cutting and pasting into some other text editor, click here.

This letter is part of our mortgage information section. We have other sample letters to handle a variety of credit situations. Here is the list.