How should I describe credit default in a mortgage letter of explanation?

Your loan originator should help you with this. Just be honest. Usually the bank just wants to see that this was a one time thing. Just explain what happened. It will not compromise your chase at approval. Let me know if you need help! kakpabla@warshawcapital.com. Good luck!

I agree, a good loan officer will usually help you. Just be honest - they don't want an essay, they want to know why it happened and feel confident it isn't likely to happen again after they make you a new loan. Best wishes!

Just explain honestly what happened. A letter of explanation is a very common request from a lender, don't let it make you nervous. Two late payments usually don't have a huge impact on your chances unless it is coming after a recent bankruptcy. Your loan officer will help you write a good letter of explanation. Good luck.

If the issues are based on divorce, you'll need to describe why you were late, such as taking time off of work (unpaid), etc. Check with your loan officer as to what they are really looking for as he/she should be able to guide you best.

Be honest... What we are looking for is that hopefully it was a one time situation beyond your control, and that the situation has been taken care of, and unlikely to happen again.