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Is it still a collateral loan if there is a clause in the contract "The first party shall remain as the absolute owner of the property"?

So, my parents are a little bit illiterate and did not consider to double check this clause. They lend money to a homeowner thinking that the home that was put for collateral will be ours if the contract was breached. The debt should have been paid within 5 years after the arrangement has established, however, it hasn't been for over 8 years now. The homeowner keep dodging us, and wouldn't pay for almost years but now she wants to. We've realized that the market is expensive now and we're trying to find a way to have the title transfered. There's a clause that says that "the homeowner shall remain as the absolute owner of the property", even if she hasn't paid her debt after 8 years, will this still be the case? Or is this under the Lien Law? Nothing about lien, or "free from any lien" was stated in the contract.

submitted by /u/Zentelligence
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source https://www.reddit.com/r/RealEstate/comments/198uohg/is_it_still_a_collateral_loan_if_there_is_a/
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