My question involves collection proceedings in the State of: Florida
When I sold my house in 2004 I held a note for just under $20K, which is listed on the sale agreement. I also have a separate document stating that the note was supposed to balloon for full repayment in five years. Now, nine years later, the principal still has not been paid, although I have received regular monthly interest payments. The purchaser/debtor, although employed, claims inability to pay the note off and has not responded to my subsequent communication. Is there a statute of limitation on collecting the principal on this note? Would the debt become collectible by my heirs on my demise? What's my next best move with regard to collecting the principal on this note? Thanks!

