How to Put Your House Up for Bail
If you have a loved one who is arrested, you might be in need of getting a bail bond. This allows you to pay a small percentage of the bail amount, then provide collateral and have them released from jail. The collateral is extra insurance in case they don't appear in court as requested, in which case you owe the rest of the bail amount. Many people put their house up for bail because the property is worth more than vehicles and jewelry. Here are some things to know about choosing this option.
How do you put your house up for bail?
When you decide that your house is the only property you have that works as proper collateral, you will need to provide documentation that can be put in the bail bondsman's trust. This allows them to sell it or take over ownership if the entire bail amount isn't paid following the defendant's case. You will need to provide either the title to your house or the deed to the house. You don't need to sign it over to them, but put it in their possession. A contract will be signed that states you will hand over the house and move out if it comes to that. While many bail bondsmen will work with you to avoid that happening, it is always a risk you take.
Will your house value cover the cost of bail?
One thing you need to keep in mind when you put your house up for bail is that the value of the house must cover the cost of the bail. You need to consider the full bail amount and the current value of your home. If your home is older and is in disrepair, or the bail is an extremely high amount, it might be enough to cover it. However, if you have a house that is worth, say, $200,000 but the bail amount is over $350,000, then the house alone might not be enough collateral. You may need to offer the house in addition to vehicles, jewelry, or other valuable items as collateral for the bail bond.
What happens if the defendant doesn't go to court?
Whenever you decide to bail someone out of jail, whether it is a friend, family member, or co-worker, you are taking responsibility for them. You are telling the bail bondsmen that if they don't go to court after they are bailed out and the bondsman can't track them down to bring them back to jail, you will pay the entire bail amount. If the amount is much more than what you have in your bank account, then you may lose your house.
If you have any other questions about putting up your house for collateral in a bail bond, consider contacting a local bail bonds company, such as All Night & Day Bailbonds, for more information.
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