So you are the mortgagee and the seller. The corporation is the mortgagor and the owner, and it may file for bankruptcy.
First and foremost, you must foreclose, and this isn't something for a layman to do. You will need to retain an attorney to handle this for you. Foreclosing is the process by which the property is sold at auction, and the proceeds are then given to the mortgagee to apply towards the unpaid loan. If the selling price does not cover the entire loan balance, then the mortgagee can sue for a deficiency judgment, which is an unsecured debt (though it can become secured if the mortgagor has other assets to go after). In most cases, the mortgagee ends up buying the property himself at the auction because the property is often not worth the balance of the loan, and the mortgagee does not want the property to sell to a third party for too little. So, there is a good chance that you'll end up with ownership to the property after the foreclosure sale.
As for the possible bankruptcy, it will temporarily stop a foreclosure. However, the good news is that you can file a motion for relief in the bankruptcy court. If granted (and they almost always are), then you will have the blessing from the bankruptcy court to continue with the foreclosure sale. Unfortunately, a bankruptcy may bar you from obtaining a deficiency judgment against the corporation. Accordingly, it's possible that your only relief, if a bankruptcy is filed, is the foreclosure sale itself.
Thanks for your patience while I typed that out. Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.