Should You Use A Property Bond To Get Out Of Jail?
Getting arrested is an unfortunate event in life. If you do not want to spend time in jail, and if a judge allows, you can opt to pay bail to stay out of jail until your court date. Unfortunately, you may not have enough money to afford a bond. A bail bondsman is one option. You can also opt for a property bond. A property bond means you have to place your home or the home of someone else on the line to get a bail bond. If you are considering a property bond to get out of jail or to get someone else out of jail, you need to know the following information:
What Are the Requirements for a Property Bond?
To use a property bond to get out of jail, the home has to have enough equity to pay for the bond amount. To determine the property value for a property bond, the home has to be valued based on the taxable market value at the time of the arrest.
Any lien against your property is subtracted from your property market value, which can decrease the overall value of your property for the purpose of getting bailed out of jail. If your bail is such a large amount that the value of your home minus the lien amount is not enough, you may not be able to use the property as a bonding method.
Another thing to keep in mind is that the property you want to use must be located in the state in which the arrest took place. To bond out with a property bond, you have to provide documentation to show the title of the property owner resides in the same state that the arrest happened. The documentation also should show the value of the home and any other information requested.
Should You Use a Property Bond?
Property bonds may be necessary in some cases, but they are not always the best option unless you have no other choice. In some cases, a judge may not allow you to use a property bond to get out of jail. You are also risking a lot when you use a property bond, particularly if the bond is for someone other than yourself.
There can be major problems if you post a property bond for another person and that person chooses not to show up for a court hearing. If the arrested person disappears, you can lose your home.