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Old 12-01-2014, 05:41 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078

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I replied to your DM. It's a simple formula: what happened, what you did to avoid the action ("moved out of home and tried to rent, tried a HARP, put home on market"), why you finally succumbed to the action ("without bankruptcy the creditor threatened to garnish my wages, making providing shelter for my family impossible"), what you did to reestablish your credit and why it won't happen again. Don't be flippant and don't lie - the latter can be a deciding factor to the underwriter trying to decide.
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Old 12-02-2014, 12:03 PM
 
Location: New York
2,251 posts, read 4,160,232 times
Reputation: 1607
Thumbs up to Smart Money -

Good tools to post "To Whom It May Concern" letters of explanation

Short term:

I changed jobs in ____ due to family obligations. During this period my responsibilities and debts were satisfied and paid on time.

Sincerely,

Long-term:

During the period of _____ to ______, was unemployed. I met my obligations with savings, severance and unemployment benefits. Now have a secured position, current with my responsibilities and everything's is back on track.

My $00.02 is to keep letters of explanation as to the point and short as possible. if it is too long it is not going to be read.

Real letters explaining hardships

May 2013 was laid off was laid off, did not have unemployment benefits. Finally found new position, had to relocate for training. Husband's company went out of business, accepted a temporary job which just ended. My lender Bank of America is not assisting us. Please help us save our home.
-

Last year lost job after company closed. Tried to work with Chase on a modification, they put me into a forbearance repayment plan doubling my payment to $4100 per month. I used my tax refund and depleted my savings before I had nothing left. I want to save my home from foreclosure, please help me.
-

September 2013 my wife broke her ankle, was faced with increased medical bills. Fell behind on mortgage payments. Contacted my lender, Ocwen said they couldn't help us. We are trying disparately to save are home. Please home us.
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In Jan 2013 after tenant moved out started short sale with BOA. They took their time closing was scheduled finally in November, the buyer backed out. Jan 2014 attempted another short sale, again BOA took to much time and the 2nd buyer backed out. We now want to save our home. If property is foreclosed, this can damage our credit scores and future financing. It's apparent BOA is not looking to help homeowners. Please help us save our home
-

2012 had modification, due to financial responsibility for three family deaths. Fall 2013 had medical expenses, used up savings to continue payments. Called my lender for assistance, they will not help me. I do not want to to be foreclosed upon, please help me save my home.
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Since the passing of my wife in 2013 have suffered a financial hardship. I have tried to work with BOA, listening and doing everything thing they said. We were just told there is a sale date. I do not want to lose my home. My bank is not helping me, please help protect my home from the bank.
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Three years ago payment was going up, because of an adjustable interest rate. I spoke with Wells Fargo asking for a loan modification. They said they could not help me because I was not late. They said miss three payments, then could reapply. Three months later I spoke with them, nobody returned my call. I tried to make a payment, it was returned. I do not want to lose my home please help me.
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Two years ago my wife had to return to work full time due to the slow down with my business. We approached Bank of America for help, they denied any assistance, in fact they raised our payment. Now they want the total amount we our behind our they will started to foreclose. We do not want to lose our home.
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June 2012 was diagnosed with a blood disorder. Over the last two years have visited many specialists doing different tests. Due to the gas and hotel expenses, plus the medical bills and prescriptions. We fell behind on our mortgage payment. We need help, we do not want to lose our home.
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I have had rolling lates over the last year. My expenses increase due to knee surgery on both legs. Spoke to Nationstar, they connected me to Hope Now. Since loan is not Fanny or Freddy, they have now done anything. I want to save my home from foreclosure.
-

In 2009 was laid off after my diagnosis with a brain tumor,. Completed 28 radiation treatments, now get check ups twice a year. Applying for new jobs, no one would hire because of my past medical history. To pay medical bill's became self employed. It's been a struggle paying our mortgage payment. Over a year tied to work with Bank of America on a modification. They lost my paper and was denied. I want to save my home.
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January 2012 had surgery to remove a growing hernia in my uterus. Did not have the money to have the procedure and my husband’s insurance did not cover this. I went late with my mortgage to have this operation. We have tried to work unsuccessfully with BOA to save our property. Please help save our home.
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-many more -



Last edited by Modification Specialist; 12-02-2014 at 12:11 PM..
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Old 12-03-2014, 09:34 AM
 
165 posts, read 266,390 times
Reputation: 83
One i saw about 5 years ago, I tell this story all the time.

To whom it may concern,

The reasons for my 30 day lates on the following listed credit cards were I was in college and knowing I would need money for Friday nights to go out, I knew the bills would still be there on Monday. But the following week I needed to study and forgot to pay the bills, this continued through my college years till i was employed and able to pay my debts.

LOL

She did have good credit after getting a job, but holly cow,

Ohh, and she did get the loan.
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Old 01-14-2015, 07:06 AM
 
1 posts, read 13,401 times
Reputation: 10
I need a letter explaining my employment gap for my application for provincial nominee in canada thanks!
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Old 01-14-2015, 07:19 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Quote:
Originally Posted by Dulz View Post
I need a letter explaining my employment gap for my application for provincial nominee in canada thanks!
Follow the letter on the first page of this post and personalize it to your situation.
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Old 02-02-2016, 05:38 AM
 
1 posts, read 11,413 times
Reputation: 11
i need a letter. i have 5 months gap between one job to another job, in that gap i have taken course, this information is required to bank people, bcoz im applying personal loan
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Old 11-16-2016, 05:31 PM
 
1 posts, read 10,047 times
Reputation: 10
Please help me how to write letter having 9 months working gap due to my family conflict with my career, I'm having a baby 9 Months now and fully breast feed and no one can take care of her
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Old 11-16-2016, 06:31 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
We can't write it for you - read page 1 of this thread and follow the outline.
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Old 11-17-2016, 09:23 AM
 
1,064 posts, read 705,752 times
Reputation: 1186
Whatever you write do it through the eyes of the employer. Don't put something like "I hurt my hands but I'm okay now so I can handle this delivery job".. anything that will make the employer question your ability to perform the job is a big No-No.
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Old 11-17-2016, 09:39 AM
 
Location: Columbia SC
7,944 posts, read 6,706,083 times
Reputation: 10701
Employment gap:

1. I had to take time off to attend to elderly/disabled, etc. parents, family, loved one that desperately needed my aid. Might need someone to cover you on this.

2. I bought an interest in a small business but later decided that small business was not for me. Get a friend that owns a small business to cover you on this. I did such for several friends.

3. I had a once in a lifetime opportunity to travel the world as a paid assistance. Will need someone to cover you on this. Maybe a wealthy aunt/uncle/cousin.

4. I decided to accept a job to learn a specific trade but decided that was not for me. Will need someone to cover you on this.
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