Yes, the collections will be a problem. Collections reflect a borrower's regard for credit obligations, or lack thereof. While FHA mortgage guidelines do not automatically say that you need to pay these off, the rules do say that the underwriter needs to consider them as part of your credit profile.
Most lenders will look past medical collections, so long as they don't represent a huge liability. But when it comes to other collections, so long as they appear on your credit report the underwriter will need to consider them when evaluating your loan application. And it would be very difficult for an underwriter to justify giving you a loan with $70,000 in credit card collections out there. That could dramatically impact the lender's risk.