The Early Stages of Denial


By Kay Wilson-Bolton

August 15, 2006 –

We all know what trouble looks and feels like. Money goes out faster than it comes in. The day the house payment comes due arrives faster each month. The payment dates seem to come closer together each month and the payment is expected to rise again soon.

When these factors conjoin, you must admit that trouble is on the horizon. Ventura County homeowners are beginning to see the impact of high prices, low start rates for mortgage loans and no down payment financing.

Last week, a customer called to report that she was a few days away from foreclosure on a $45,000 loan and needed help. We found a lender who would make her a short term loan, and put her in touch with an attorney to help evaluate her situation complicated by her husband’s recent death.

It was too late. The sale took place, even while help was on the way. The foreclosing private lender, for A $45,000 loan, ended up with a home worth $650,000 with a first trust deed of only $160,000 with a major lender.

Homeowners who sense that trouble may be imminent can get help from their lenders if they act responsibly and quickly.

Homes can be sold if there is equity available. If not, homes can still be sold if everyone works with the lender to help prevent a foreclosure.

Without sufficient equity to pay off closing costs and the mortgage, lenders will work with borrowers on what is called a “short pay off” in cases of hardship, as long as the borrower cooperates with the lender and starts early to do their part.

If you see trouble ahead, contact a REALTOR® who has experience in dealing with banks and who understands today’s real estate market. They can guide you through the process of avoiding a foreclosure.  It is a process, and there are dos and don’ts. Interview your next REALTOR® and ask lots of questions.

Don’t wait till the last minute to take action. Head it off by making the right moves. Home ownership in the long haul is always best. While contrasting market conditions can complicate that statement, banks and lenders don’t want your home. They want you to stay in it and make the payments on time.


Kay Wilson-Bolton is the owner of CENTURY 21 Buena Vista and brings a regional perspective to local issues. She can be reached at 805.340.5025.

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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