What about a charge off for a $4281 computer that broke and I only paid half of the balance? I have pretty good credit now but this one is hard to explain! It was 7 years ago, It would effect my credit negatively to pay off now.. IDK what to say.
Our loan was approved and now the bank wants a LOE about a large deposit my wife made. One of her jobs is a bartender and she makes a large amount of cash in tips. Our loan was approved based almost solely on my income and almost nothing she makes was recognized. But now the bank wants an LOE on cash she deposited into her own checking account from the bar tips. She deposits the money when bills and credit card statements are due and uses it for those things. I recognize you don’t know for certain and I’m only asking for your best guess. But What are the odds the bank will say this and any other cash she currently has and makes until closing is allowable to use toward payment of the house?
They definitely can come as a surprise when you feel that everything is going smooth but typically its an easy hurdle - every now and then its a show stopper because of the "blatant disregard for the debt" but thats so rare.
Can you please make a video of sample letters
Okay but what if it was a complete disregard? And we were young and stupid?
Great video! Thank you 😊🙏
I'm on an fha loan, I have a charge off from years ago. Why does my loan officer want me to do a letter of explanation? Fha doesn't require it....
Thank you for the video!!
What about a charge off for a $4281 computer that broke and I only paid half of the balance? I have pretty good credit now but this one is hard to explain! It was 7 years ago, It would effect my credit negatively to pay off now.. IDK what to say.
Our loan was approved and now the bank wants a LOE about a large deposit my wife made. One of her jobs is a bartender and she makes a large amount of cash in tips. Our loan was approved based almost solely on my income and almost nothing she makes was recognized. But now the bank wants an LOE on cash she deposited into her own checking account from the bar tips. She deposits the money when bills and credit card statements are due and uses it for those things. I recognize you don’t know for certain and I’m only asking for your best guess. But What are the odds the bank will say this and any other cash she currently has and makes until closing is allowable to use toward payment of the house?
I see a lot of people complaining about this. SMH.
They definitely can come as a surprise when you feel that everything is going smooth but typically its an easy hurdle - every now and then its a show stopper because of the "blatant disregard for the debt" but thats so rare.