I'm a licensed lender as well as Realtor, I haven't run across this lately, but in the past underwriters treated it like a BK if it was disclosed. In some instances the creditors continue to show running lates on accounts which they have a reduced payment agreement on, so the scores drop and it appears they are significantly behind.
I wouldn't make any snap judgments though. Different companies have worked in different ways. Get them in front of your lender of choice right away and have their credit pulled. Once you they see that, you'll have an answer you can work from.