Except in a title-theory state, what does a mortgage lienor have in the liened property?

In the context of mortgages, the mortgage lienor—often the lender or mortgagee—holds a security interest in the property that is linked to the loan provided to the borrower (mortgagor). This security interest means that the lender has a legal right to the property in case the borrower defaults on the mortgage. The lender's interest serves as collateral for the loan, ensuring that they can reclaim the owed amount by foreclosing on the property if necessary.

This is a fundamental principle in real estate finance, especially in lien-theory states, where the borrower retains ownership of the property while granting the lender a lien. This contrasts with title-theory states, where the lender may hold the title of the property until the mortgage is fully paid off. The essence of a security interest is that it provides the lienor with a right to enforce their claim through judicial actions if the borrower fails to meet their obligations, thereby protecting the lienor’s financial investment.

This understanding clarifies why the other options do not apply effectively in this context. Claiming damages relates to compensation for loss rather than a connection to property control, while a right to possession typically requires a different legal relationship (such as in a lease). Lastly, a partnership interest is unrelated to mortgage