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If there is a bare trust then he is the beneficial owner of the property with the title being in someone elses name. No stamp duty on these transfers of title - of $50 nominal sum. But the problem here is that the trust is not declared to the lender. This is possibly a breach of the anti...

If he is not on title the legal owner could do many things which would effect the interest of the op. 1. bankruptcy 2. sale, mortgage, gift 3. die 4. divorce Then it would be a fight over priorities.

You should read the bank's loan applications and mortgage agreement.

Yes New loan needed. all parties jointly and severally liable no, but the current owner could be breaching their agreements with mortgagee and you will be unprotected without title.