Q: Why was my house used as collateral for bail when a cash payment was made?
I need help understanding why the bail bond company required me to put my house up as collateral. The bail was set at $50,000 with an additional 15% fee. The bondsman explained it was to ensure my son appears in court, but I thought the cash payment was for the bond itself. Can someone clarify this for me?
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A:
The situation you’re describing seems to involve both a cash payment for the bond and collateral being required by the bail bond company. Typically, when you pay for a bond, the cash payment covers the 15% fee, which is non-refundable. The bail bond company uses this fee as payment for their services in guaranteeing the full bond amount of $50,000, which is needed to secure your son’s release from jail.
However, the request for collateral, such as your house, is additional. This collateral serves as a guarantee to the bond company in case your son does not appear in court. If he fails to show up, the bail company could use the collateral to recover the bond amount they paid to the court, as they are responsible for that $50,000 unless your son’s case is resolved.
Even though you made a cash payment for the bond, the bail bond company requires collateral to protect themselves in case of default. This is a common practice to ensure the bond amount is covered if the conditions aren’t met. If you’re unsure why they required your house, it’s helpful to ask for more details from the bail bond company or seek legal advice to clarify your rights in this situation.
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