Refer to the Transfer of Land Act ss40-44 and solve the following problem

Sebastian is employed in the loans department of the Eastpac Bank, which has loaned $380 000 to Isabelle Francis to purchase a Torrens title property in a Melbourne suburb.Unfortunately, Isabelle defaults in her payments and Sebastian is instructed to exercise the bank's rights as mortgagee.Sebastian wanted to impress the boss and suggests that foreclosure might be a good idea. Is this the best option?What does the law require in these circumstance (briefly explain the answer please)