How To Use
This agreement for judgment should be used by a creditor with a debtor after the default date under a note has passed.
The Creditor benefits by getting the Debtor to waive any contest of the note; the Debtor gains by getting an extension of the collection process; both parties win by cutting down on their legal expenses.
Creditors are advised to move more carefully in the collection process in order to increase the commitment of the Debtor to repayment. This helps a well-intentioned Debtor by providing more time; it assists the Creditor by eliminating legal hurdles to perfecting their interests in the assets of the Debtor.
If the Debtor will not sign the Agreement, then move instantly to formal foreclosure for judgment in the appropriate court of law. You should seek legal counsel to execute these tasks and assist in collecting the outstanding judgment, interest, and legal costs due under the original note.
- Both parties should sign the Agreement. The creditor should maintain the file and keep the originals.