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Refinancing home-Old collection accts must be paid??


GoJo
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Hi. I'm in the process of trying to refinance my home. Usual story, back in 2000 hit a rough patch and quit paying CC. They all went into collections. Most of them we settled in 2001 (wish I would have seen this site back then). Anyways a couple actually followed through with their letters and they are no longer on our CR.

OK, but now we are trying to refinance our house for home improvements. We were told at first that we were pre-approved no problem. Now the underwriter is saying that we need to pay off all these old collection accounts that are still on our CR. ALL of them are from 2000. So they should drop off soon right? I'm really having heart-burn over the fact that these are so old. Do they really need to be paid off in order to refinance? I'm in Utah if that matters. If I left anything else off that matters please let me know. Thanks in advance!

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the mortgage companies require that you pay off your collections so that they dont come back and get a fudgement against you ,which they then can turn into a lien against the property..

if theyre from 2000 though arent they out of sol for collecting purposes? though not for reporting...

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