Craig’S Loan Is Secured By A Mortgage. Who Holds Legal Title When This Security Instrument Is Used?

When a loan is secured by a mortgage, the legal title to the property typically remains with the borrower until the loan is fully repaid. The mortgage serves as a security instrument that allows the lender to place a lien on the property, giving them the right to foreclose and take possession of the property if the borrower defaults on the loan.

So, in the scenario described, Craig would hold the legal title to the property while the mortgage serves as security for the lender. The lender holds a lien on the property as collateral until the loan is paid off, but the actual ownership and legal title remain with Craig, the borrower.

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