In the Merced County of California, hundreds of folks piled into in the Civic Center hoping to get a good deal. There were no animals showing ribbons or Ferris wheels going round and round, pink popcorn, or millions of kids running around. This was a different kind of fair - a Foreclosure Fair, which is a new trend occurring more frequently in the areas hit hard by the mortgage loan crisis.

The Central Valley area in the state of California has become the foreclosure capital of the nation. Forty percent of mortgage loans made in 2006 have become victims of foreclosure. Families are experiencing stress unlike at any other time since the Great Depression and they want to learn how to save their property. The main bit of advice being given to these people is to just walk away from their homes; walk away and try to find a different place to live even if it means renting. Many homeowners have done that but they haven’t realized all of the other options available. At a foreclosure fair, mortgage lenders and financial counselors are present to provide to desperate homeowners.

(more…)