This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan.
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Interesting Questions
Absolutely! In Texas, like a ticking clock, lenders usually have a specific amount of time to enforce the judgment before it becomes stale.
Read between the lines! Make sure you understand the terms, especially how the confessed judgment can affect you if you run into financial trouble down the line.
It’s a tough row to hoe. Once you’ve signed on the dotted line, it’s hard to contest it, but you might have options depending on the circumstances.
In Plano, if you skip a payment, the lender can file a motion with the court, and you could lose your rights without even stepping into a courtroom first.
You bet! It’s a double-edged sword. If you default, you can lose your chance to fight the case in court, which could lead to serious consequences.