Janet Puccio: Will a manual underwriter demand payoffs of old collections (over 5yrs) and the collection agency state they will not sue me for the debt because the debt is too old?
Answer: Hello and thanks for your inquiry. According to FHA collections beyond 2 years old do not need to be paid off. An underwriter will ask for a letter explaining the circumstances for the collection and we would draw up a letter explaining an extenuating circumstance. Please contact Jay Boetscher at (312) 401-5626 if you would like more information and help procuring a home loan. Sincerely, John "Jay" Boetscher

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