By Kay Wilson-Bolton

President, Ventura County Coastal Assn of REALTORS®

November 19, 2000

The financial community has been very kind to would-be homeowners who fell into credit disrepair during the early to mid-90’s. Prior to that time, most were very unforgiving about late payments and foreclosures.

There is something very American about getting a second chance to do it right.  If hard times have fallen on you, there is hope.  While preferred interest rates may not be available to you, reasonable ones are.  With employment ranks bulging at the seams, the likelihood of having at least one good-paying job in the family is high.

There are two immediate things you can do.  Contact a REALTOR® and state your interest in purchasing a home; let the REALTOR® connect you with a mortgage broker or lender who can help you analyze your circumstances

You will also need to demonstrate that the events of the past have changed.  For example, you will have to demonstrate wise spending habits if there had been poor ones; you will need to be on the job for at least a year if you are in a different line of work; two years are better; steadily improved tax returns are a good sign if you are self-employed and there must be no derogatory credit items since the filing of a bankruptcy.

Take a conservative approach in getting back into the housing market.  Despite your income, you have a better chance at getting your loan in the moderate price range than a pricey one.

Better plan on creating a letter of explanation that will help your lender understand your circumstances. Honesty will speak volumes in your request for funds.  Everyone understands the consequences of illness, job loss, and divorce or separation.  There is little sympathy for extravagant spending, although repentance and good behavior will promote a favorable decision on your behalf.

If you find yourself in new circumstances, let a REALTOR® guide you through the process.  Not all agents have subscribed to our code of ethics and there is a difference.  Be sure and ask.


When buying or selling your next home, choose a REALTOR®. There is a difference and you can benefit.  For more information, contact Randy McCaslin, CEO, Ventura County Coastal Assn of REALTORS® at 981.2100. Our website is






About Kay Wilson-Boltonhttp://www.kaywilsonbolton.netWith a full-time career in real estate, I can add to your bank of knowledge, not only in real estate but in many areas of life that deal with people and relationships and choices. My real estate career has taught me many lessons about planning ahead and looking forward. I believe in helping along the way so that they can be the best they can be in any situation. I serve as a Fire Department Chaplain and Coordinator for the Many Meals Project which serves homeless and hungry families in my community. The event is far more than many meals. As a result of my work with the homeless population in my community, I received the Good Neighbor Award 2017 from the National Association of Realtors and named as a Champion of Homes in 2015 by the California Association of Realtors. I make pastoral visits to the inmates in the County Jail System and offer them what God says about "all things being new" and His remarkable plan for our lives. I have served my community as Mayor and in many volunteer capacities. I serve others by serving God first. My husband is involved in prison ministry and is a graphic artist. We live a simple life in Santa Paula with an office cat named Scout, three rescued poodles and a cat named Tony Diane at home.

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