My question involves collection proceedings in the State of: Florida
I am Trustee for my deceased father's Trust. The Trust lent $40k in a balloon note as a 2nd mortgage. The note is now past due and I am trying to collect. The trust does hold a deed for the property.
The property is owned by an LLC - owner says the LLC has no assets and therefore it would be fruitless for me to sue. He offered me $5k to pay off the debt.
The property is a small condo unit he uses for leisure - not his primary home. I spoke with a lawyer who recommends foreclosing.
1.Does it make sense to foreclose on property - as 2nd mortgage holder, what options do I have?
2.What is estimated cost of foreclosing on a property (value is approx. $120k)
3.Can debtor's other assets be pursued to collect?
4. Any other ideas?