Using House or Other Asset as Collateral for Bail Bonds – Understand Your Risks.
When deciding whether to post bail for a friend, family member or loved one it is important that you understand your risk. In some scenarios you will have to put something down as collateral for the bail bond. This isn’t always the case, but depending on the criminal history of the person arrested, sometimes bail companies will even require that you use the equity in your home. They will put a lien on your home in return for collateral on the bond.
Well if it is like our loved ones you would do anything to help them. So you put your house down as collateral and get them out. They thank you and thank you but now there is a problem. They don’t want to show up in court. What do you do now?
If the person choses not to show, you are financially liable. Unfortunate, but true. So if your loved one skips out on a $15,000 bail bond then you are responsible for that $15,000 plus any additional fees. If you used your house as collateral then the bail bonds company could foreclose on your home. Sometimes they will work for you but it is best for you to understand your options up front.
One of the best things you can do is find a no-collateral bail bonding company. This is a bail bonds company that will issue a bond without you having to put up your home, car title, or other asset, This can be beneficial to you because you are not putting up any personal assets in return to get your loved one out of jail.
If you are looking for more information on no-collateral bail bonds or are looking to explore your options then call us today and we can help you with your options.