How Collateral Works for Bail Bonds
When charged with a crime, you can place collateral in place of a cash bond to stay out of jail for the period of the case. The video explains how to use collateral as bail bonds. Assets such as homes, cash, land, and vehicles are the most used collateral for bonds.
It comes in handy when one does not have a cosigner for their bond terms.
When using an asset as collateral, it must have a clean title. A bond business will not accept a title with liens with other parties. If you skip bail, the bond business cannot sell the vehicle or other property with a lien. Therefore, a clean ownership title is necessary for an asset used as collateral. The bond business holds the ownership deed and the asset provided as collateral. It depends on the asset and its size.
Additionally, consider the value of the asset and the value of the bond. The items offered as collateral should equal the amount of bail bond set. Do not offer the title to your $50,000 home for a $5,000 bond. Also, ensure a clear indication of the assets provided as collateral for different cases.
