What Can Be Used As Collateral For A Bail Bond?
Do you need to help someone get a bail bond so that they can be released from jail? If so, know that the bail bondsman is likely going to ask for collateral to secure the bail bond. Here are some of the things that you can use for collateral.
If you own property, know that the deed can be used as collateral. It doesn't necessarily have to be a home either, since it is the value of the property that the bail bondsman is concerned about. For example, you may have hunting land that you own and want to use instead of your home. One thing to keep in mind is that you must have enough equity in the property for it to be used as collateral. If you just recently bought a home and have very little equity, then it is not going to work for the bail bondsman. You should have at least built up enough equity to cover the requested bail amount.
The nice thing about using real estate is that you don't necessarily have to give the item up while the person is out on bail. You just have to provide the deed, and you can continue using the property as normal.
Another high-value item that can be used is a vehicle. You'll need to provide the title of the vehicle and proof that you own it free and clear, or that there is enough equity in the vehicle to cover the loan. You can use cars, boats, RVs, motorcycles, and anything of that nature. You can then continue using the item, but it can be repossessed if the bail bondsman needs to collect the collateral.
A bail bondsman will also accept personal property as a form of collateral. However, much like with real estate and automobiles, the personal property must be worth enough to cover the bail amount. The bail bondsman is not going to look at the value of the item when you bought it, but what it would be worth if it was sold today. It is also common for personal property to be held by the bail bondsman until they get their money back.
These are just a few examples of what can be used as collateral for a bail bond. Reach out to a local bail bondsman for more information about what they will and will not accept.