FHA eases new rule on collections accounts

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FHA Eases Rules on Collections Accounts By Sari R. Updated on 9/25/2013. The FHA (Federal Housing Administration) is now permitting borrowers to supply a written letter explaining their disputed collections accounts.This would be so that they can qualify for a government-backed mortgage. In other words, FHA will ease up borrowing guidelines for people who have disputed collection accounts.

A new FHA mortgagee letter came out yesterday that sets new guidelines for dealing with collection accounts, judgments & disputed trade – 2376607 Log In; My Account. A lender told me that I had to pay it off or make payment arrangements. Are these new rules saying that I do not have to.

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According to FHA Mortgagee Letter 12-03, new changes to the rules for collections and judgments were due to change as follows: "If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must resolve the accounts (e.g. entered into payment arrangements with minimum three months verified payments.

A new FHA mortgagee letter came out yesterday that sets new guidelines for dealing with collection accounts, judgments & disputed trade – 2376607

According to FHA Mortgagee Letter 12-03, new changes to the rules for. FHA loan rules define collection accounts as “a Borrower's loan or.

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