Unpaid Loan for Purchase of Property - What are the Rights of a Loan Holder

[issues1]

My question involves real estate located in the State of: New York
What are my rights as loan holder in case where the money has not been repaid? I lent someone money to purchase property. It has been almost 2 years and not one penny has been repaid. I have the original signed note by both parties, and it does not say a time frame for repayment. What are my rights for either getting paid back or forclosing on the land for non payment?

[flyingron]

Sounds like your note is pretty useless. Absent a time criteria you're at their mercy.

You can not foreclose. You have no security interest in the property (i.e., recorded mortgage, ...). You can try taking them to court over the loan and get a judgment and then you might get to attach some of their assets, but that's a long way down the road.