Default on 2nd Lien on property in Florida

[Sameer Jain]

Hi I am looking for some advice here . I am a private lender and I do some private lending through my IRA funds . I loaned funds from my Roth IRA account to a real estate investor for 2 properties ( two separate 2nd liens loans ) in florida. Both the loans are in default as they have not been paid back after loan term was due .

Both properties have 1st lien from another private investor and both properties will have equity after paying back both 1st and 2nd liens.  I have tried to reach the investor to look for options to pay back the loans but it seem that he does not have any concrete plans to pay off the loans at the earliest.

What options I have to recover the amount due on the loan? Can I foreclose the property to recover the loan amount ? Do you have any recommendation of any law firms I can reach out who can assist me on this . Please share your thoughts.

[Lisa Eckman]

@Rick Pozos I thought if the 2nd foreclosed, the 1st and 2nd would get paid with proceeds, IN THAT ORDER. Not so?