Types Of Bail Bonds
Most people simply do not have the available cash to post bail. What is typically used secure the bond is real property or some other form of collateral. Bail professionals will provide options on how best to secure the loan. Depending on the jurisdiction, federal or state, regulations on bail will vary.
Cash bonds require the full bail amount and are not financed through a third-party. The court holds and restricts the total bail amount until the case is concluded. Posting a cash bond can consequently tie up necessary living funds and savings. Once the case is finalized, the bail is returned to you, minus the processing fee.
Failure to appear for court appearences will result in forfeiture of bail and the court will issue a arrest warrant. In cases involving drug trafficking, many states require that the accused first make a showing that the bail money posted was not from drug trafficking.
Depending on your jurisdiction you may be able to secure release through what is known as a property bond. Essentially this is a bond that is secured by real property. Some bail agents require that the property appraise for at least twice the bail amount. This means that property equity of twice the bail amount needs to be held free and clear by the owners.
In some instances, there will be an appointed appraiser that will assess the value of the property. In other jurisdictions the bail agent may accept a certified tax assessor’s statement of property value. All owners of the property listed on the deed must execute a contract agreeing to use the real property as secured collateral for purposes of guaranteeing the accused will show up to all court appearances. In the event the accused flees, the court will have the authority to order the commencement of foreclose proceedings.
Surety Bonds are like miniature insurance policies. Use of a surety bond involves a series of contracts between the bail agent and the surety company. The process begins with having a application for bail completed and then the bail agent will personally interview the accused to determine the flight risk which in turn will effect the cost of the surety bond.
Surety bonds are usually written for a premium percentage of the bail’s full amount. In addition, the surety company may require collateral to further secure the loan.
Immigration bonds, like other bonds, guarantees the appearance of an individual that has been charged with a crime. Bonds for immigration charges are normally posted with the Immigration and Naturalization Service instead of the correctional facility or court.
Immigration bonds differ from normal court bonds due to the difficulty they present for the bail agent. This is because fleeing the country makes the search and capture of the accused that much more difficult and expensive. Therefore the risk is quite high and so will be the premium that will be charged for the bond. In order to issue immigration bonds the bail agent must carry a special causality insurance license for such work. Bonds posted for immigration charges are also subject to immediate forfeiture should the accused not appear in court.