In some states, such as MD, you have the title while the bank put a lien on your title. It is much harder for the bank to foreclose your house.
In other states, such as VA, the trustee has the title. you are the trustor. After you pay off the mortgage, the trustee will give the title to you. If you don't pay the mortgage, the trustee will "sell" the property and give the proceedings to the bank.
In still other states, there is a mixed theory. Too complicated to explain in short.
In other states, such as VA, the trustee has the title. you are the trustor. After you pay off the mortgage, the trustee will give the title to you. If you don't pay the mortgage, the trustee will "sell" the property and give the proceedings to the bank.
In still other states, there is a mixed theory. Too complicated to explain in short.
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