First and Second Lien on Florida Property - Foreclosurer! HELP

[Mushfiq S.]

I am in a bit of a situation and really looking for some help. The property in question is in Florida.

Here is the situation:

• Fix & flipper (Borrower) pitched me on 09/2017 for a property acquired for $72,000 off market for a fix and flip
• He had a first lien holder that paid the $72,000 as primary lien holder
• I was to provide the rehab loan of $10,000 and would be the second lien holder via a mortgage note. The structure was a $10k principal payment, and I would receive a fee of $1,000 after completion. This should have been paid out 11/2017
• The primary lien holder is frustrated due to long delays (so am I) and has issued a Default Letter to the borrower that he wants to foreclose
• Borrower has said he is willing to do a quit claim deed on the property to relinquish rights
• Primary lien holder is now reaching out to me to ask me to do a quit claim deed and he would pay me $1,000 for that
• Primary lien holder is saying that if he does the foreclosure process, I will be left with nothing since he has precedence

Questions:

1. What can I do in this situation? I just would like the best way to get my $10k back. If I do not do the quit claim deed, it will go to foreclosure. If I do the quit claim deed, I get $1,000. Seems like I can just let it go to foreclosure and hope it gets higher than $72,000 so I get paid something.
2. If it goes to foreclosure and I do not get anything or part of my investment, can I sue the borrower since the second lien was with him?
3. Any other ideas?

I really appreciate any advice! I have the PDF documents that I can share if anyone here is a lawyer and can advise.