We understand that posting bail can be hard on you if you are financially strapped. If you have some property that is valuable, you can opt to put this up as bail instead of restricting yourself to finding, raising cash or even taking a loan. We help you use your property to get your loved one out of jail.
How Do They Work?
Property bail bonds are not accepted in every state. To get a property bail bond, you must have property that is valued at one and a half or double the value of the total bail amount. This is because property can be very volatile. You may not be able to predict how the market will go and therefore the value of the property should be beyond the shadow of a doubt much more than the bail amount.
Property bail bonds include: homes, vacation homes, commercial buildings and land. Everyone who owns the property should be present in the hearing in court. This is because people who co-own property often have disagreements about how or what to use it for. The court needs to ascertain that every owner is on board with the decision. However, once the property bond is posted, your loved one can leave jail and wait for their court session.
What Are the Advantages?
The main advantage of a property bail bond is that it allows you to use what is at hand to get your friend or family member out of jail. You might be strapped for cash with no other alternative when you get the call about bailing someone out. However, a word of caution is to only post bail for a friend or loved one that you can vouch for. In most cases, these loved ones will not flee since they know what is at stake for you.
If you would like to get a property bail bond, call us for more information as we will be happy to provide you with these services.
What Are the Implications?
The problem with property bond arises if the defendant is not trustworthy since it is very easy to end up losing your property. Once the property deed and history of the title is established, the court files a lien on the property for the full bail amount. If the defendant honors all of the court dates, whether or not they are found guilty or not, the lien is released. If, however, they dishonor the agreement by failing to show up in court, crossing state lines or travelling out of the country without permission, the court has the right and authority to start foreclosure on the property in order to recoup the full bail amount.
The problem with a lien is that you may not be able to provide cash to stop foreclosure on your property. The court may still go ahead with the sale of the property even if you can raise the full bail amount money. This is why property bail bonds have to be posted only when you are sure that the defendant will not flee.