In the world of finance and economics, a letter of explanation is a formal letter to a financial institution that gives specific details regarding an incident or circumstance that is outside the normally accepted scope of business. In some circumstances, the letter of explanation is given directly to the major credit reporting bureaus to be given out with a person's credit report any time one is requested.Know More
A letter of explanation can be expected any time a prospective borrower is applying for a large sum of credit, such as a mortgage, and the lending institution recognizes the presence of defaulted or late payments on the purchaser's credit report. The purpose of the letter is to give specific details explaining the individual circumstances of the default and offers an opportunity to mitigate its impact on the applicant's chances for approval. A letter of explanation cannot be expected to salvage a history of bad credit but can offset the presence of a questionable section of history. The letter should use the standard business letter format, give specific details and be free of spelling and grammatical errors.
A letter of explanation is also the term used for a letter written by a job seeker to a prospective employer explaining the presence of a past criminal conviction.Learn More
MOHELA student loans are student loans serviced by the Higher Education Loan Authority of the State of Missouri, also known as the Missouri Higher Education Loan Authority. MOHELA does not give loans to students directly, but rather administers loans such as Federal Perkins Loans, Federal PLUS Loans, Federal GradPLUS Loans, Federal Stafford Loans, federal student loan consolidation and private alternative loans.Full Answer >
Ex-factory price refers to the cost a manufacturer charges for a distributor or other buyer to purchase products directly from the source. This is a quote for the goods alone. It does not include shipping, handling or taxes. This practice is common when working with raw materials for secondary manufacturing.Full Answer >
Methods for paying back student loans include making a payment plan, making payments before graduating, loan consolidation and enrolling in auto-debit. There are also established programs that can help a student pay back debt and employers who include student loan repayment as part of a benefits package.Full Answer >
A VA loan can be assumed by any individual who meets the lender's requirements as if he were applying for a new loan, according to Bankrate. Therefore, the buyer must use the original lender when assuming the loan.Full Answer >