A “Sample Letter to Mortgage Company Explaining Late Payments” is a written explanation. It clarifies why you missed a mortgage payment. Life happens. Unexpected events can disrupt your finances.
This letter is crucial. It helps you communicate with your lender. You can explain your situation. You might need to write this letter due to job loss. Perhaps it’s a medical emergency.
We’ve got you covered. We will share sample letters. These templates will guide you. They will help you write your own letter.
Sample Letter To Mortgage Company Explaining Late Payments
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Mortgage Company Name]
[Mortgage Company Address]
**Subject: Explanation for Late Mortgage Payments – Account Number: [Your Account Number]**
Dear [Mortgage Company Name/Specific Contact Person],
I am writing to explain the late payments on my mortgage, account number [Your Account Number].
I have been late on payments for [Number] months, specifically [List the months]. This was due to [Briefly explain the reason for late payments, e.g., unexpected medical bills, job loss, temporary reduction in income].
I understand the importance of making timely mortgage payments and I regret any inconvenience this has caused.
I am now [Explain your current situation and how you are addressing the issue, e.g., back to work, on a payment plan, have secured additional income].
I am committed to fulfilling my mortgage obligations and I am taking steps to ensure future payments are made on time.
I would appreciate it if you could note this explanation in my account file. Please let me know if you require any further information or documentation.
Thank you for your understanding.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Mortgage Company Explaining Late Payments
Subject Line: Precision is Paramount
- Keep it succinct: “Explanation of Late Payment – [Your Loan Account Number].”
- Avoid ambiguity. The subject line’s perspicacity helps expedite the review process.
Salutation: Professionalism Prevails
- Use a formal address. “Dear [Mortgage Company Name] Loan Servicing Department,” commands respect.
- If you know a specific person, addressing them directly, such as “Dear Ms. Johnson,” adds a personal touch, fostering goodwill.
Introduction: Honesty and Humility
- Acknowledge the late payment immediately. Don’t equivocate.
- State the date the payment was due and the date it was actually remitted. Precision thwarts misinterpretations.
- Express contrition for the delinquency. A sincere apology can mitigate potential ire.
Body Paragraph 1: Delving into the Dilemma
- Explain the reason for the late payment with candor. Be forthright.
- Detail the extenuating circumstances. Was it a job loss, medical emergency, or unforeseen expense? Be specific without being overly verbose.
- Provide supporting documentation, if applicable. Substantiation bolsters your claim.
Body Paragraph 2: Demonstrating Fiscal Prudence
- Assure the mortgage company that you are rectifying the situation. Highlight your proactive measures.
- Outline your plan to prevent future lapses. Have you implemented a budget or enrolled in automatic payments?
- Reiterate your commitment to fulfilling your financial obligations. Underscore your reliability.
Closing: Reinforcing Responsibility
- Reiterate your apology and your dedication to resolving the issue.
- Offer to provide additional information or documentation, if needed.
- Express gratitude for their consideration and understanding.
Sign-off: Formal Farewell
- Use a professional closing, such as “Sincerely,” or “Respectfully,”.
- Include your full name, loan account number, phone number, and email address. Ensure your contact information is easily accessible.
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Frequently Asked Questions: Late Mortgage Payment Explanation Letters
Understanding how to communicate with your mortgage company regarding late payments is crucial. This section addresses common queries about drafting effective explanation letters.
1. Why should I send a letter explaining late mortgage payments?
A letter provides context for the late payment, potentially preventing negative reporting to credit bureaus and demonstrating your commitment to resolving the issue.
2. What information should be included in the letter?
Include your loan number, property address, the date of the late payment, a clear explanation of the reason for the delay, and your plan for rectifying the situation.
3. Is there a specific format I should follow?
Maintain a formal, professional tone. Start with your contact information and the date, followed by the mortgage company’s address. Conclude with a polite closing and your signature.
4. How can I ensure my explanation is effective?
Be honest, concise, and proactive. Clearly state the reason for the late payment and outline the steps you’re taking to prevent future occurrences.
5. Where should I send the letter?
Send the letter to the address provided on your mortgage statement or to the mortgage company’s customer service department. Consider sending it via certified mail for proof of delivery.