What would you do to keep your home?
What do you think of when you hear of bank fraud?
When I think of bank fraud, I’m reminded of the movie, Catch Me If You Can. This case, however, is very different. What would you do if you were at risk of losing your home, your wealth and your reputation? How far would you go to provide your family with the security of a home? One retired Michigan Supreme Court Judge would risk her freedom.
Diane Hathaway, the former Michigan Supreme Court Justice, plead guilty last week to bank fraud, which is a felony. She now faces between 4 – 18 months in jail and according to the Detroit Free Press:
“Hathaway also could receive a sentence of three-five years of supervised release, be fined up to $30,000 and pay restitution of up to $90,000, according to the agreement.”
It isn’t new news that the residents of Michigan have been through a tough time these past few years. Many residents have lost their homes, jobs and security. This recession hasn’t just left the general population at risk, but also our elected officials.
In order to save one home, Diane Hathaway and her husband transfer that home into their family member’s name. They did this so that they would qualify for a short sale on their million dollar home in Michigan.
The short sale in Michigan allowed the couple to erase nearly $600,000 in mortgage debt on the $1.5-million Grosse Pointe Park home on Lakeview Court, which eventually sold for $850,000. The debt-free Windermere, Fla., home then went back into their names.
Having an experience defense lawyer in a situation like this could prove to help reduce the pain and stress.