I sold a business in Nov 2006, the new owner has frequently paid late or not at all, there is a default clause in the contract for paying more that 30 days late or being late on more than three payments, for both the business sales contract and any equipment that had payments remaining on it. In both cases the new owner is behind on both equipment payments and business payments, the new owner is more than $40K behind in payments. In October 08 I sent certified mail letters instructing the new owner to not sell any equipment and that they were in default and had 3 days to turn over all assets included in the business sale of Oct 06. I received a phone call from her the same day she signed for the certified mail and she wanted to make arrangements. We had a meeting and developed several terms for her to continue with the business, as of this date she has not met the terms and does not return my calls. I would like I should do now?

Hello mark:

Foreclose. I'd hire a lawyer to do it.

excon