The debtor defaulted on 2nd installment.there are total 3 installments each one is $43K. I sent letter of demand to debtor after he defaulted. I got an email from him saying "However I made alternate arrangements to pay you but there will be a delay of few days, and consider giving me little more time to make the payments to you and there is no need to send me legal letters of harrasment. If you prefer to perform please do it but I will pay your payments as stipulated in the contract however there will be a little delay in this"
Do I have to respond to his email?
How should I respond to this email? He always says so many things, but wouldn't pay as promised.
Can I say something like if he is serious he should provide secured notary by putting his home as collateral?
If you're dealing with an agreement involving $129,000, you should really hire a lawyer to assist you instead of trying to do it yourself with advice from strangers on the Internet.
Demanding collateral because the payment is a couple days behind sounds like overkill to me.
You're obviously emotionally invested in this situation. Your lawyer would act as a go-between, dealing with issues like this in a detached, professional manner.
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Seems your two most likely actions are to either accept the debtor's promises (for whatever they are worth) and hope for payment, or bring a lawsuit to compel it. If you choose the latter course, be sure to hire a lawyer first.
You could not respond at all and wait the amount of time he says he needs to make the payment.
If he does not, then you probably should contact an attorney. The amount in question is large and you would not want to do anything to risk recovering it.
Or, you could just go see an attorney now.
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