3 Types Of Collateral You Can Use For Bail
Posted on: 17 September 2017
Share
When you think about paying bail for a loved one, you might think about doing so with cash. Of course, this is a very popular option, whether you choose to pay the full amount of bail to the magistrate or if you work with a bail bondsman and pay his or her fee. However, in some cases, you can actually use collateral for bail. These are some of the types of collateral that you might be able to use.
1. Your House
If you are a homeowner, you should know that using your home is one option for bailing your loved one out of jail. The court or bail agent will usually keep your deed until the matter has been handled in court. If your loved one goes to court as he or she is supposed to, you will receive your deed back once the case has been handled. However, you should know that if your loved one does not go to court, such as if he or she "skips bail," then you could lose your home.
2. Your Land
Similarly to how you can use your home as collateral for a bail bond, you may be able to do the same thing if you own land. For example, if you are an investor who owns an empty piece of land, you may be able to use it as collateral, as long as the value of the land itself is high enough. Some people prefer to do this so that they don't put their home at risk.
3. Your Vehicle
For bonds that aren't as high, you may not need to use something as valuable as your home or land as collateral. Instead, you might be able to use your car. You might be required to own the car free and clear, without any liens, which means that you may not be able to use your car as collateral if you owe money to a car lender. The court or bail bondsman might hold your car's title until the matter has been resolved in court.
If you don't have the money to bail a loved one out of jail, you should know that using collateral can be a good option. These are three of the things that you can possibly use as collateral to bail out your loved one; consider contacting your local magistrate or a bail bondsman so that you can find out more information about your options.