There are typically three main types of bail bonds, a cash bond, a surety bond, and a property bond. Each of these can help those in different situations. If you are wondering what a property bond is, don’t worry, we will walk you through it. A property bail bond is a bond that posts the value of tangible property. This means that items such as homes can be posted as a bond, which could be consequence could be foreclosure. Here is a more in depth look at a property bail bond.
It is important to know that a property bail bond is not allowed in every state, so make sure you know if your state is included before you decide to go that route. In some cases, the value of the property may need to be twice as high as the bail amount in order for a property bond to be accepted. A property bail bond can be obtained from a bail agent, but is also dependent on the law of the state you are in. A court appointed appraiser also may need to assess the value of your property depending on the state you live in. In states that do not use a court appointed appraiser, the value of the property as declared on tax documents may be considered as proof of its worth.
If more than one person owns the property, each owner must sign an agreement indicating that the property may be used to finance a bond. When a property bond is issued, the court puts a lien on the property for the amount of the bail. If you us a property bond, make sure the defendant appears in court, because if they do not a foreclosure action may be brought against the property. The court may also seek to recover, from the accused, the difference between any amount received in the foreclosure sale and the amount of the bail that was secured by the property.
A property bond may be for you if you do not have working cosigners for a surety bond, and do not have enough cash for a cash bond. Just make sure that you trust the person you are bailing out and keep them in your sights to make sure they are going to court. Unlike a cash or surety bond, a property bond could really put a dent in your life if the defendant does not show up for their court date.
There are so many different types of bonds you could use to help out a loved one, and there are ups and downs to all of those types. Remember to research the type of bonds to get a good grip on which will fit your situation best. As always, it is important that you trust the person you are bailing out to ensure you keep your financial situation afloat. If you need help bailing a loved one out of jail, or have any general questions about bail, give us a call or fill out our contact form. We are always happy to help you.