Restatement (Third) of Property (Mortgages)
-    Title Theory: Legal title with the mortgagee until the mortgage is satisfied or foreclosed.
-    Lien Theory: Mortgagee is regarded as owning a security only and both legal and equitable title remain in the mortgagor until foreclosure.
-    Intermediate Theory: Legal and equitable title remain in the mortgagor until a default, at which time legal title passes to the mortgagee.