Being the value is obviously diminished on the collateral, you would have to go after a deficiency judgement to collect the remainder owed.Note to self.... 

Well maybe not so fast.While it does not make sense to me, I provide for your reading enjoyment the following links /  Court Case;https://www.gpo.gov/fdsys/pkg/USCOURTS-ohnd-1_08-c...andhttps://www.casemine.com/judgement/us/5914fbf2add7...This property was recently listed and so I was doing some research, ran across the case and learned a thing or three.The synopsis is (not a lawyer so maybe I haven't read it correctly) and leaving a side the fraud of one party (which he eventually was found guilty of), the eventual purchaser, purchased in good faith and was declared the 'owner' with good title.

He passes with no liens, Judgements or lawsuits.

This may save you some time/money but I would only do this if I had no intention of going after him for a judgement.

Continue with the court process and get the judgement for non payment of rent.

It's a matter of getting a judgement which will hinder future tenancy.

There’s a judgement for $280K from a reverse mortgage that the lady should not have been able to sign according to her son.

Judgement, garnishment...that's going no where.I value my time at $300 per hour... so over the course of the next few months if you have 6-8 hours involved in chasing this money you will be close to breaking even..and that's before attorney fees.

I know how many mistakes I have made here so no judgement please just advice and answer to the late fee question!

I don't have a 100% rule, but if there are multiple judgements for collections on there it's almost certainly going to be a no.