Bobby takes out a home loan to purchase a new house in Miami, FL. Assuming Bobby gets to keep equitable title to the property while the lender takes legal title, what will happen if Bobby defaults on the loan?

Since the lender holds legal title, they can quickly take back the property.

The lender will initiate the judicial foreclosure process.

Since Bobby holds equitable title to the property, the lender can never foreclose on the property.

The lender will initiate the non-judicial foreclosure process.