Friday, August 5, 2011

Things you should know about bailing someone out of jail

Q. Why do we have to put up collateral?

A.Collateral is used to secure a surety bond. Collateral "secures" the performance of the appearance bond, and the appearance bond "secures" the appearance of the defendant to all of his court hearings. Collateral is returned upon the Court's exoneration of the bond. Depending on the location, collateral is required in every case; some states, such as Arizona, are collateral states.

Q. If I put my property up as collateral and a lien is placed on said property, how do I have the lien removed?

A.Once the defendant completes his/her court obligations and the bond is “exonerated,” you will be required to go to the clerk's window at the courthouse and get the exoneration of bond document showing that the liability to the bail bonding company has been concluded. It is your responsibility to get the form to your bail bonding company and request for the lien to be removed.

Please Note:
The bonding company will NOT remove the lien until they have received the OFFICIAL verification the bond has been exonerated; also the bonding company may require an additional fee before they can remove the lien.

Once the exoneration of bond has been received and all contractual fees have been paid, you will receive a “Full Reconveyance” document, usually within 30 days.

A common misconception we hear is the belief that once the bond is exonerated we receive our money back for the bond. This is incorrect.

The bail bonding company does not receive its money back once the bond is exonerated. Even if the case is never filed, the person who guarantees the premium is still responsible to pay the remaining balance until it is paid off.

Q. What are the legal percentages that a bonding company may charge and can they negotiate whatever dollar amount that they want?

A. The lowest legal limit that a bonding company may charge varies from state to state.

Q. What happens if the person I bail out “fails to appear” and the bonding company is unable to find him/her, the “fugitive?”

A. If a bail bonding company is unable to locate the client within a certain period of time from the forfeiture of the bail bond, the bail bonding company will have no other option but to pay the court the full face value of the bond written plus all applicable court and legal fees. The court will charge additional fees on top of the forfeited dollar amount. These rules vary from state to state.

If the bail bonding company is forced to pay the bond amount, plus fees, you, the guarantor of the bond, will be charged for all fees that you have contractually guaranteed.

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