Sample Letter Explaining Late Payments
Use this sample letter to explain late payments when applying for credit.
How to write a letter explaining your mortgage and/or other late payments 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 late payments 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.
This letter is part of our sample letters we have created to help you handle a variety of credit situations. You can also visit our bookstore where you can purchase eBooks on credit repair, debt settlement and 95 sample letters - all available for instant download.
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 occurrences like this.