How Do You Use A House As Collateral For A Bail Bond?

Are you trying to help someone get out of jail but have no money to use? If you are willing to use your house as collateral, you can get the person out of jail. Using a home as collateral has some risks attached, but it is a method that works well. If you would like to do this, here are several things you should know.

You Will Need a Bail Bond Agent

The first thing to know is that you cannot offer your house to the jail to pay the bail. Instead, you must use a third party to get your friend released from jail. The third-party you need is a bail bond agent. Bail bond agents assist with pre-trial releases for arrested individuals, but they do not offer free services. They charge fees for their services, and you can pay the fee in many ways. One option is through collateral, and a house works well as collateral with a bail bond. You might also need some cash to complete the arrangement, but it depends on the company you hire. To begin the process, call a bail bond agent.

There Are Steps You Must Complete

When you talk to the bail bond agent about using your house as collateral, the agent will explain what you must do. The first step often involves proving that you own the home. You might need to produce the deed to the property to prove this or use other documents. You must have evidence that you are on the deed, though.

Next, you must fill out a form to give to the bail bond agent. The form is often called a Declaration of Trust of Real Estate to Secure a Bail Bond, but it has other names. The purpose of this form is to give the bail bond agent the right to place a lien on the property. Once you submit all the necessary documents and pay the required fee, the bail bond agent will begin working on the release.

You Should Understand the Risks

When using a house as collateral, the main risk you take is losing the property. The lien the bail bond agent places on the home requires you to pay the bail bond agent the money. If the person released from jail skips town, the bail bond agent will address the lien by requiring that you pay the money you owe. Understanding this risk is essential before using your house as collateral for a bail bond.

To learn more, contact a bail bond agent.

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