Today, most states, including Florida, are lien theory states. The borrower retains title to the property. The lender is protected with a lien on the real property to secure the payment of the mortgage debt. If the borrower defaults on the mortgage debt, the lender will foreclose to recover the money owed.
In some states, title to the mortgaged property is conveyed to the lender through a mortgage deed or to a trustee through a deed of trust. This mortgage theory is called title theory. If the borrower defaults, the lender may take possession of the property. The borrower retains equitable title to the property. Once the debt is paid in full, the lender conveys legal title to the borrower.