After being arrested for a crime, the defendant will have to attend a bail arraignment where the judge will determine the bail amount necessary for the defendant to be temporarily released. The bail amount is set to ensure that there is high incentive for the defendant to return for his or her scheduled court date.
While there are many options to posting bail, a property bail bond is a great option especially if you own your home or have a vacation home. The property takes the same position that a money bail bond would, guaranteeing your will return for court at the scheduled day and time. By using your property for bail, you don’t tie up cash funds in bail while waiting for your court date. You also save money by not having to pay the nonrefundable premium to a bail bondsman for them to post the full bail amount.
For an individual to be able to qualify for a property bail bond, the most important aspect is that you have to own the property. If you currently have a mortgage, the entire value of the property can not be considered for the bond because you are still paying for it. In order to determine how much the bail bond will accept for your property, an appraiser will have to come determine the value of the home. Then the amount left on the mortgage will be subtracted from the appraisal value. The amount you are left with is called your equity. Equity is the only thing that can be considered by a judge when he or she is deciding whether or not you will be allowed to submit your property for a property bail bond. In many cases, your property’s equity has to be worth double what your total bail amount is. For example, if the total bail amount is set at $150,000, then your property equity has to be value for at least $300,000 for it to be acceptable.
Should the defendant not show up for court when summoned, the court then has the right to foreclose on the property. The courts can then quickly sell the property to get back the amount owed for the bail.
