Washington Mutual Bank, FA v. Shorebank Corp.

Plaintiff appeals an order of the circuit court granting summary disposition for defendants on plaintiffs complaint seeking recovery on a loan secured by a mortgage. We affirm.

Plaintiff alleges that it made a $392,000 loan to Hanna and Jaklin Shina secured by a mortgage on property located in West Bloomfield. Most of the loan proceeds were used to satisfy and discharge a prior first mortgage on the property in favor of Option One Mortgage Corporation. According to plaintiff, it was unaware of the fact that, at the time it made the loan to the Shinas, there were two other mortgages recorded…