Confession of judgment illinois template
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There are other requirements set forth in the Pennsylvania Rules of Civil Procedure for confessions of judgment. Most have a requirement that the defendant-borrower or tenant be in default of the note or lease before the filing of the confession of judgment. Examples of contingencies that are often in confessions of judgment are the requirement of a ten-day notice to the borrower or tenant and an opportunity to cure. If there is a contingency before the confession is authorized that contingency must be set forth in the complaint about the confession of judgment. It must deal with a business transaction, generally a commercial loan or commercial lease rather than a consumer loan or a residential lease. The requirements for filing a confession of judgment are that there must be written authority to file the confession of judgment signed by the defendant-borrower or tenant. A confession of judgment bypasses all those steps. Normally a creditor must file a complaint, have it served on the defendant, give the defendant twenty (20) days to respond, if they don’t respond in twenty (20) days, send them a warning that a default judgment will be taken if no response is filed in ten (10) days, and only if they don’t respond can they then take a judgment. It does not have to be served like a complaint and they do not have to wait thirty (30) days after it is served before they can take a judgment. The reason commercial lenders and commercial landlords favor a confession of judgment over having to file a complaint is that as soon as they file it they immediately obtain a judgment which creates a lien on any real estate owned by the defendant-borrower or tenant in that county. What Makes Confessions of Judgment Different They cannot be used by consumer lenders or residential landlords. Who Uses Confessions of JudgmentĬonfessions of Judgment are primarily used by commercial lenders and commercial landlords.