Charge-off accounts do not need to be satisfied prior to closing on FHA loans, because they are technically closed debts.
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Answer: [tweet-start]Lenders consider charge-offs and collections differently when evaluating credit. Contact us for clarity![tweet-end] A charge-off account technically cannot have a current balance as it is a charged-off item and has been written off by the creditor. Any balances showing on the credit report for a charge-off is merely showing the last balance reported at […]