Mortgage underwriters normally want documentation attached to the letter of explanation. For example, a letter of explanation may be required if a mortgage loan borrower had a substantial low income one year from the previous year and had a late payment history for three months.
Wage garnishment by itself will not damage your credit...and the fact that your wages are being garnishment will not be noted on your credit report....However, the judgment that led to the garnishment (if they report it) will affect your credit rating...and the original default of your credit card will also still damage your credit rating.
Or, using the minimum wage formula, the maximum garnishment amount is $382.50 (30 times the minimum wage of $7.25 is $217.50, which is then subtracted from the $600 net compensation). Therefore, since the rule says to use the lesser amount, the maximum garnishment would be $150.tate and federal law regulate the amount of money that may be garnished from a consumer's wages or bank account. State law regulates the amount of time a consumer's wages or bank account may be garnished, says ACA's Cherner. Garnishment can also complicate other debt issues, Cunningham says.