Borrower defaulting on promissory note

[Brent Rogers]

This is my second time with notes investing and might be my last. The builder is unable to pay the note due despite leading me to believe everything was fine right up until the date the note was due. The note is secured but the collateral (land) is only worth a fraction of the amount due me. From everything I can tell this guy has a good track record with other investors but seems to have gotten too aggressive and over leveraged while the market has softened. He does operate from an LLC and the note is from the LLC so I am worried what my options will be. I know some property is currently owned by his LLC but I do not know what liens he has on them.

What are my options?  Is it better to try and work with him and give him some time or should I get a real estate lawyer and go after him as quickly as possible?  

Any experience with this is greatly appreciated.