The debtor maintains ownership of property that is the subject of a mortgage. The mortgagee meanwhile holds a right to seize and sell the property if the debtor does not meet the conditions of the mortgage.

Under all three Acts mentioned above, the ownership rests with the debtor until the mortgagee exercises their right of seizure. Generally, until a borrower default on the loan repayments, they will retain ownership of the property. Only after default and notice of default is given by the lender, will the lender be able to repossess the property and sell it to meet the loan repayment.