Though many people choose to pay a percentage of their bail to a bondsman in order to secure release from jail, homeowners may have another option: property bail bond. Read on to learn more about this type of bond.
The value of property can be used as collateral for a bail bond; this is known as a property bail bond. In order to qualify for this type of bond, the defendant or his cosigner must have equity in his home equal to twice the amount of the bond. Establishing a property bond involves setting up a lien on the property, in order to allow the bail company to foreclose on the house if the defendant skips bail.
If you own a home, a property bond could be a way to save yourself the hassle of paying a hefty premium. You can use existing equity in your home to keep a loved one out of jail. This will save you a lot of money, as you’ll be putting an asset you already have to good use, not scrambling to come up with thousands of dollars in cash.
If you’re thinking about using your home as a property bond for a loved one, be sure you can trust the person you’re bailing out. If he jumps bail, you run the risk of losing your house. Putting a lien on your home is a risky thing, and you should only take such a huge chance for a responsible person who will show up at court. Second, the process of getting a property bail bond is not quick, and it involves a lot of paperwork.
Property bail bonds can be a great way to make the bail process easier, but you need the help of an experienced bail bondsman to make the process go smoothly. Call (619) 232-7280 to reach a bail bondsman at King Stahlman Bail Bonds, located in San Diego