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The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...
“Your mortgage application is denied.” Harsh news. But take heart: That doesn’t always mean you can’t get a mortgage. If your lender rejects your request for a loan, you can take steps to ...
Even if you do trigger the clause and receive the acceleration letter, it isn’t the end — you’ll still be able to negotiate and work with your mortgage lender toward potential solutions ...
While a charge-off is considered to be "written off as uncollectable" by the lender, the debt is still legally valid and remains so after the fact. The creditor has the right to legally collect the full amount for the time period permitted by the statute of limitations applicable to the location of the financial institution and the consumer's ...
Credit is what the underwriter uses to review how well a borrower manages his or her current and prior debts. Usually documented by a credit report from each of the three credit bureaus, Equifax, Transunion and Experian, the credit report provides information such as credit scores, the borrower's current and past information about credit cards, loans, collections, repossession and foreclosures ...
A mortgage lender is an investor that lends money secured by a mortgage on real estate. In today's world, most lenders sell the loans they write on the secondary mortgage market. When they sell the mortgage, they earn revenue called Service Release Premium. Typically, the purpose of the loan is for the borrower to purchase that same real estate.
Whatever the case may be, you won’t be able to get the mortgage — or close on the house — until you meet all the lender’s conditions. If you’re in a competitive market or the seller ...
Credit counseling (known in the United Kingdom as debt counseling) is commonly a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt. [1]