What is the name of your state (only U.S. law)? nm
I sold a restaurant to a woman for $150,000 about 2 years ago. I partially owner financed the sale. I am in second position and the bank is in first as she pays back the loan. The total remaining owed to me is about $25,000. The total remaining to the bank is about $100,000. It has been like pulling teeth getting her to pay at all over the past year or so. She currently is over 2 months late. According to our contract I can take legal action after 40 days. If I cannot get paid I wish to stop dealing with her and file a judgment against her and the restaurant. This might push the bank to do the same. She is the same amount late on payment to the bank. I guess I would like the court system to help!
John
I sold a restaurant to a woman for $150,000 about 2 years ago. I partially owner financed the sale. I am in second position and the bank is in first as she pays back the loan. The total remaining owed to me is about $25,000. The total remaining to the bank is about $100,000. It has been like pulling teeth getting her to pay at all over the past year or so. She currently is over 2 months late. According to our contract I can take legal action after 40 days. If I cannot get paid I wish to stop dealing with her and file a judgment against her and the restaurant. This might push the bank to do the same. She is the same amount late on payment to the bank. I guess I would like the court system to help!
John