Wise Family in Foreclosure Trap

August 11th, 2008

foreclosure home

A family in Grand Rapids, Michigan is facing foreclosure again due to their secret dealing. It is Jason and Tricia Wise who at the time of losing their home suddenly received a mail from a company named Canal Street Financial that wrote about saving their home on Grand Rapids’ northwest side. They called this to be a foreclosure rescue scheme. But instead of doing what they actually said, they simply got a mortgage from the Wise and took all their equity on home. Also, they did not make the payments and instead waited for the home to be foreclosed.

Jason and Tricia Wise signed a deed with a company called Wells Financial that was owned by an employee of Canal Street Financial which was in turn deeded to the owner of Canal Street Financial named Norman Long. Under a separate identity of NTW Investments, Norman Long sold this house back to Jason on the basis of a contract that included a monthly payment of $719 from them till the total amount was paid off; the time at which they are supposed to get the deed to the house. Norman got a new mortgage and sold off the old one and took the difference right into his pocket. Besides, he was also enjoying the monthly payments on the land contract.

As Norman never made the payments on his mortgage, the lender foreclosed, which put Jason and Tricia Wise in deep soup as they had to make a much bigger payment than before to get their home saved. Teresa Long, wife of Norman reported that her husband expended the whole money for his own pleasure activities. It has been discovered by the Target 8 Investigators that about 24 properties that were being managed by Norman were already foreclosed. It was early in 2005 that the Target 8 Investigators tracked Canal Street Financial on another foreclosure rescue issue. In 2006, the Canal Street Financial operated from an industrial building on North Monroe, Grand Rapids.

Norman Long’s home has been foreclosed and he has been expelled from his office on 28th Street from where he last operated. Teresa Long is afraid of being a target of an IRS investigation. She does not have money by which she can afford a lawyer for herself. The Target 8 Investigators are in search of Norman and, the Grand Rapids police detective as well as a US Postal Inspector is trying to charge him with a criminal offense. Jason and Tricia Wise are trying hard to get back their home.