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 Bobby holds equitable title to the property, the lender can never foreclose on the property.
* Since the lender holds legal title, they can quickly take back the property.
* The lender will initiate the judicial foreclosure process.
* The lender will initiate the non-judicial foreclosure process.
