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lets recap the nitty-gritty in residential mortgages in this section we will review the key points that are associated with finance and mortgages a mortgage is a pledge of property to a lender as security for payment of the debt the borrower is the mortgagor giving the pledge the lender is the mortgagee receiving the pledge a note is a promise to repay the note makes the borrower personally liable for the debt and must accompany all mortgages in florida there are two series of mortgages title theory and lien theory title theory states the mortgage transfer title to the lender until the note has been paid in full the borrower retains equitable title to the property once the debt has been paid in full the lender conveys legal title to the borrower in a lien theory state such as florida the borrower has possession and title while the lender places a lien on the property to protect the lenders interest if the borrower defaults on the mortgage debt the lender will foreclose to recover th