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Amy from Lake Orion reviews her real estate papers and learns from her private lender that because she signed a mortgage deed with a balloon payment, she must pay off the loan within 30 days or face foreclosure. She inquires about the nature of a mortgage deed and its legal binding status. The response clarifies that mortgage deeds are not utilized in Michigan, indicating a potential misunderstanding, as such documents are more common in other states. The speaker reflects on their experience dealing with real estate inquiries, especially concerning out-of-state investors, and explains that a mortgage deed is similar to a land contract.