Is this property in California? Worth $60k, and you are a lien holder in second position? If the borrower is not paying you, then you can have the Trustee file the NOD and later NTS.
Most borrowers will find a way to get caught up or refinance if the home is worth 3 times the mortgage.
If they do not get caught up with the payments within the rules of the NOD and NTS, then you can foreclose. You will need to settle with any and all senior liens. First TD, property taxes, IRS, mechanics liens, etc. So do your reserach and know what you are doing.
Finally, before making any decisions of this nature, contact a real estate attorney to confirm that you have all the necessary information.