Mortgage Letter of Explanation for previous address?

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I current renting an apartment for the last 8 mos. Before this i was renting an apartment in a different county. Now am trying to get a mortgage loan, but they want a letter of explanation for my previous address (in the different county). What for? Also, that previous apartment is now in collection for breaking my contract and they want an explanation for that too. I was given the opportunity transfer to this current county and i took the opportunity so i could be closer to my family. is that a good explanation?

If not then what would be a good explanation? I really what a home for my children. HELP! PLEASE!

  1. Reply
    April 29, 2011 at 11:19 pm

    They want an explanation of why you defaulted on your lease contract. Do you expect to find it here?

  2. Reply
    April 29, 2011 at 11:53 pm

    They want an explanation of why you could not honor a rental contract for what is presumed to be a year because you chose pursuing this opportunity rather than to honor your lease contract that you signed. They want that because if you couldn’t honor a one year contract then they don’t want to lock you into something like a 30 year mortgage contract. A good excuse for that might be that you had to leave because your mother needed a kidney donation and you were the only one out of 480 people who matched. “I was given an opportunity to transfer to this current county” is not going to reassure them that you won’t default on a mortgage because something comes up like “but my new boyfriend decided we should move closer to his parents in Maine”.

    I am not trying to be critical….you may have had a more in depth reason for transferring, but that is exactly what they are asking you for, that reason. And if it isn’t good enough in their eyes it is going to be rough for you.

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