Myfico forums 594117 we ve been asked to provide an explanation letter due to a reduction in income for my husband from 2007 to 2008. Sample acknowledgment letter for decrease in sales or low sales subject.
Letter it is a sample acknowledgment letter to company for the decrease in sales due to high prices and high competition with an explanation of the market situation.
Letter of explanation for declining income example. Explanation letter sample explanation letter last updated on march 2 2020 by letter writing leave a comment an explanation letter is written to explain a situation or a circumstance that occurred to answer something being enquired or to fill a gap in paperwork. The letter will allow him to take note of any changes in your income provide a rental history or any other topic which might need an explanation during the approval process of a mortgage. At that time i was employed by and business was very good.
If the trend was declining but has since stabilized and there is no reason to believe that the borrower will not continue to be employed at the current level the current lower amount of variable income must be used. Hardship letter short sale for address. To whom it may concern.
For example a person could have had a baby and taken some time off. If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application consider it an opportunity to satisfy eligibility requirements. There are cases of declining and irregular income.
Then went back to work full time. Help with explanation letter. If the trend is declining the income may not be stable.
Sample letter explaining gap in employment approved. How to write a letter of explanation for a mortgage lender by stevie duffin updated on 7 26 2017. It s the job of underwriters to prepare and approve loans for banks.
However due to the loss of a nanny and or babysitter the worker could have taken several months off. I am writing this letter to explain my declining income from year. I purchased my home at in.
Dear name of lender. Explanation of declining income. Letter of explanation for declining income source.
Sample letter of explanation for declining income name of applicant address of applicant city state and zip code date name of lender address of lender city state and zip code re. My salary and the possibility of a promotion and raise made me sure that i could easily support my mortgage. It s easy enough to explain he went back to school full time 8 2007 and has been working part time in school full time and taking care of our son part time since then.