Hi Bill,

you might want to try credit repair. Even if you can qualify for a mortgage make sure your rate is a good one. For example if you are viewed a high credit risk you can expect to pay an interest rate of 7%. If you have excellent credit then you are looking at 5%, the payment each month can be a huge difference. Good luck!
http://www.hammeredcredit.com

Bill, honesty is always the best medicine. State exactly what happened and why. Were you unemployed? Were you ill? Then once you have stated what happened (even if it was "I was young and stupid", let the mortgage company know what you are doing differently now. We all make mistakes, it is what we learn from those mistakes and how we put it to good use that is important. You also may want to contact a different mortgage company as well as Mr. Diperstein suggests. Good luck! If you need a referral to a new mortgage company in the area, give me a call!
Cher Varnum-Glenn
ZipRealty
410-913-1477

Bill,

If you haven't had any issues in the past two years why are you being asked to write anything? Lenders approve based off the past 24 month credit history. Was there a BK discharged? Judgments? Call me if you have questions.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

It sounds like you have answered most of your own question! Use the information that you have above and include details that show you have not made those same mistakes. The amount of time since the charge offs and a cleaner payment history in the last couple of years will show that financial maturity.