Patricia is a great florist and decided to open her own store.  After meeting with several banks, she obtained a loan with Baker Bank and was able to purchase a retail space.  About six months later, the pandemic began, and she ended up behind on her payments to her deed of trust. Unfortunately, she still owes about $600,000 and Baker Bank is preparing to foreclose on her loan. To make matters worse, property values declined a bit since when she purchased the space, so Baker Bank is looking at a net proceed around $550K.

If you were Baker Bank, what type of foreclosure would make the most business sense? Should they go with a judicial or nonjudicial foreclosure? Explain.