When using a bail bond to post bail and help a loved one out of jail, the bondsman requires the premium and collateral. Premium is 10% of the full bail amount. Collateral is something of value pledged as security that the defendant will show up in court. Collateral will be returned at the end of the case as long as the defendant complied with court rules.
What can be given as collateral? The most common collateral items are
- Real estate – for real estate to be accepted as collateral, it must be property you own or hold a large amount of equity on; any property that still requires you to pay mortgage or other debt will not be accepted as collateral.
- Motor vehicles – like for real estate, for vehicles to be accepted as collateral, they must be vehicles you have paid off entirely.
- Electronics
- Valuables
It is up to you to decide two things: 1) what you have available to offer as collateral, and 2) what you are willing to offer as collateral. Remember, the defendant must obey all court-mandated orders. Failure to do so and you may not get your collateral back.
Marina Bail Bond Store can help you determine what collateral is acceptable. Call this Monterey bail bond company at 831-422-8800 to speak with an agent. We’ll work with you to sort through your financial situation.