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.

Forums are being organized that will help desperate people try to preserve their homes. Sometimes homeowners are too prideful or fearful to call their mortgage lender for help. They take for granted that nothing can be done to assist them. These fairs were designed to help homeowners falling behind on their payments and facing foreclosure soon. Research has proven that homeowners will go to non-profits or community groups first than to their bank for assistance.

The California Foreclosure Fair organizers were concerned they would not have a good turn out. There was an overwhelming response. It’s interesting that more people will attend such functions before they would go to their lender for help. Over then thousand homes have been foreclosed on in the Central Valley area and the next few months will bring even more. The fear of becoming homeless is real in California where the homeless rate is one of the highest in the country. Four in six families have already gotten eviction notices from their lenders. All six families said they have nowhere else to go if forced to leave. Others were told three years ago by brokers that he could help them refinance, but as the mortgage crisis increases, their phone calls go unanswered.

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