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PATRICK v. SHAW

Docket No. 272692.

739 N.W.2d 365 (2007)

275 Mich. App. 201

Philip J. PATRICK and Marie T. Patrick, Plaintiffs/Counter-Defendants-Appellants/Cross-Appellees, v. Randall SHAW and Hillary Shaw, Defendants/Counter-Plaintiffs-Appellees/Cross-Appellants, and Pines Investment Corporation, Pines Mortgage Corporation, and Lee Pines, Defendants, and Borrowers Network LLC, Defendant-Appellee.

Court of Appeals of Michigan.

Decided April 10, 2007, at 9:10 a.m.

Released for Publication August 29, 2007.

Attorney(s) appearing for the Case

Redman Charlip P.L.L.C. (by Bruce R. Redman and Matthew B. Walker), Bloomfield Hills for Philip J. and Marie T. Patrick.

Carolyn Cohen, Bloomfield Hills, for Randall and Hillary Shaw and Borrowers Network L.L.C.

Before: WILDER, P.J., and SAWYER and DAVIS, JJ.

DAVIS, J.

This case arises out of a first mortgage held by Hillary and Randall Shaw on property owned by Philip J. and Marie T. Patrick. The original loan was a "balloon loan," wherein the monthly payments only covered interest and the principal was due at maturity. The loan provided a right to refinance at an interest rate based on the prevailing market rate, provided certain conditions were met. The Shaws failed to provide the Patricks with 60 days' notice as required...

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