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.

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Utah has earned the 14th position in the country in its foreclosures filing rate in the second quarter of 2008. As per a new report, there has been one foreclosure filing per 226 households in the second quarter in the state. It has increased by 113 percent from what it was during the same time a year ago. Utah ranked 18th in the real estate foreclosure filing during the first quarter. Nationally, there has been an increase of 14 percent in foreclosure filings from the last quarter and a terrible increase of 121 percent from the second quarter of 2007. The situation is really worse. A foreclosure filing during the quarter has been noticed in one of every 171 US households.

As per a report of RealtyTrac that is based in Irvine of California, St. George of Utah has seen a leap of 56 percent from the first quarter to the second quarter of 2008 and 446 percent of real estate foreclosure filing year-over-year. The metro area of St. George has also been reported with the highest number of foreclosures with one filing per 87 households. It has been said by David Seiler who is a real-estate broker that the buyers are having a wide range to choose from due to foreclosures that has brought down the prices of homes. Seiler even expects that the value of homes will continue to decline.

The Salt Lake City has ranked 52nd among the 100 largest metro areas of the nation in its real estate foreclosure filing rate. There, one per 217 households has a foreclosed home filing. This means that there has been a 17.16 percent hike in comparison to the previous quarter and also an 89.29 percent increase from the second quarter of 2007. The greater degree of home foreclosures has made everyone worried. The poor and tight loan programs of various banks have led many borrowers think over the matter whether to find out a solution with the bank to prevent foreclosures or just walking away with it.

The decline in the price of home has made Seiler affirm, “If it doesn’t start to pick up in August, then we’re going to start to see people start to lower their prices. They don’t want to go into fall and winter and not sell, if they don’t have to.”

We are left with the option of just waiting and watching what future has in store.

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