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    Underwriting wants explanation

    Hi we are applying for a mortgage and the underwriter is asking for an explanation letter for our house that was included in our bankruptcy in 2013. Not sure of the proper wording. The house was included in bankruptcy and we did not reaffirm. We did a stay and pay until we moved moved out of state and the house sold a few months after in early 2014. Is that enough info for them?

    We just bought a house last year and didn't need to do this. Moving for work so we sold and closed our old house and purchasing a new one.

    As always thanks in advance, this site has literally helped us get our lives back in order.

    #2
    I'm a loan processor, I think I can help! Your explanation in the 1st paragraph is probably fine. Ask your loan officer to look over the letter and suggest any edits he/she may think it needs (they get paid on commission, so they will help you get this closed!) The loan officer or processor probably has an idea of why the underwriter is asking for this and can help guide you with wording. Sometimes you just end up with a picky underwriter. Good Luck!

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    • Greysky
      Greysky commented
      Editing a comment
      Thanks so much! Fingers crossed.

    #3
    I had to do something similar when I bought a house after filing. In my case I had a rental property foreclosed and did not reaffirm on my residence. I was able to later convert my residence into a rental and buy another house. A short letter laying out what happened worked fine.
    Case Closed > 2/08/2010

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