For those unsure of what collateral is, collateral is something that has value equal to the bail bond amount. The collateral is held until the case is completed. The collateral will be returned when the defendant has completed his/her court appearances and has received a final disposition. So what kind of collateral can be used ?
Collateral at James Bond Bail Bonds is not always needed, The charges, amount, and defendant history all play into determining collateral requisites.
But what if collateral is needed. Collateral comes in all shapes and sizes. Collateral for your bail bond can be a property deed, in which secures the bail bond by using property as a form of guarantee if the bail bond forfeits. A property deed is considered as good collateral if the property is either owned outright or if the property has equity, meaning the property is worth more than what is owed. For instance, if your home has a mortgage of $100,000 and it is worth $150,000 then your home can be used as collateral as there is $50,000 in equity.
Car titles are similar, if you own your vehicle or have a "pink slip" car title, meaning no lien holders, or your vehicle has equity and is worth more than is owed, then a car title can be used as collateral.
Anything that has value can be used as collateral to secure your bail bond. The most common forms of collateral are property deeds, car titles, and jewelry.
For more questions related to collateral, Our Bradenton, Sarasota Bail agents at James Bond Bail Bonds can be contacted anytime day or night.