Colorado  |  Credit and Debt Law

Legal Question

Asked on: 4/22/04, 10:11 am

Collection of Delinquent Payments

I carried a loan of $36,900 on the sale of my parent's home. The buyer was late paying five of the last seven payments and bounced a check that was to cover the last two. The buyer refinanced and paid me $2000 of the $33,000 he still owes and I agreed to stagger his payment from his mortgage. His first payment to me was due April 15th and I have not received it. The buyer is self-employeed. I'd like advice on what my options are. The buyer used the money to build a workshop on the property, replace the flooring (because he wanted to, not because he had to), etc. Can I file a mechanics lien? What other options do I have? Thanks!

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