Using Real Estate for Collateral
Real Estate is commonly used to secure bail bonds in Phoenix when the bonds are usually over $10,000.00, although when nothing else is available we have had clients use real estate to collateralize bonds as small as $2,000.00. Technically, we could use real estate for any size bond, but because of the work involved in property research, determining value, and recording, real estate for small bonds is not practical.
The process of determining the suitability of property for collateral on a bond is straight forward. The client provides us with:
- Owners name
- Property address
- Tax assessor’s number or parcel identification number
Other substantiating data like recent appraisal, copy of Deed, legal description, and latest mortgage balance statement may be required.
Once the client has provided the bail bond agent with the basic information, the bail bondsman will order a property report from our Surety or Title Company. Maricopa County Bail Bonds then carefully reviews the report for several key items.
- Today’s discounted market value of the property (discounted for a potential rapid sale)
a. Location of property
b. desirability of property
c. comparable sales
2. Outstanding liens
a. number of open mortgages
b. unpaid taxes
c. personal liens that may affect the property
Once the review process is complete, we simply subtract outstanding liens from the discounted market value to come up with available equity. If there is enough equity, we write the bond and have the client record the Deed of Trust or Mortgage at the County Recorder’s Office where the property is located.
Sometimes it’s Not So Easy
Occasionally, we hit snags with the evaluation of the property. Sometimes there are discrepancies of who the legal owner is. For example, many people use Quit Claim Deeds to switch ownership. Quit Claim Deeds must be recorded and they only convey the rights that the prior owner had to the property.
Sometimes the owner has died and left the property to his family. In order for the family to use the property for a bail bond, they must have recorded the legal conveyance of the deceased to the survivors.
Sometimes there are property tax liens, State/Federal income tax liens or child support liens that the property owner is not fully aware of that prevents the property from being used.
Sometimes the property is upside down. This term refers to the mortgage or lien being higher than the value of the property. In other words there is too much debt against the property to secure any size bond.
Maricopa County Bail Bonds is happy to evaluate the suitability of your property for any size bond. Be aware that any evaluation takes time, so if you don’t have the time to spare, consider buying your bond with cash or credit card.
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© Copyright 2013, Maricopa County Bail Bonds. All rights reserved.
All materials, content and forms contained on this website are the intellectual property of Maricopa County Bail Bonds and may not be copied, reproduced, distributed or displayed without Maricopa County Bail Bonds’ express written permission.Read More »
Methamphetamine, “Meth”, use has reached epidemic proportions in our society. Wherever it crops its head it leaves devastation in its wake. The excessive use of the drug leaves the usual tell-tales signs of open sores on the face and arms, rotted and/or missing teeth and hard to understand speech patterns. The latter sign is the one which the bondsman is most familiar, as he takes many calls each day from people looking for bail bonds in Phoenix. Meth leaves the mouth dry, the tongue swells and people who use Meth sound like they have marbles in their mouth. Add to the fact that Meth users speak very quickly, words soon blend into a mass of nonsense garbled speech.
My hearing isn’t the best in the world and cell phone coverage can be very bad in spots, but add to this the self-induced speech impediment that regular Meth users possess and you can forget about having an intelligent conversation. Sometimes in frustration, I just hang-up. As a bondsman, we get considerably more calls from females than males. More men are in the Maricopa County Jail than women, so it makes sense that their women would be trying secure bail. A large percentage of the women I talk to sound like they are on Meth; this isn’t just a few people. Our office handles thousands of calls per month and we talk to hundreds of people that sound like they have the habit.
The Meth habit is extremely difficult to break. Users soon exhaust their money supplies and revert to shoplifting, burglary and robbery to support themselves and their habit. The ultimate end to this habit is one drug rehab program after another until the person is eventually sent to prison. I have seen individuals that were sent to prison for years and within months of release they have been picked up again for dangerous drug charges.
There isn’t much more I can say on this topic other than clients that continue using Meth after I bail them out are generally unreliable, they are unable to maintain their weekly call in with me and they frequently get re-arrested while out on bail. More often than not I spend my time trying to talk people out of posting bail on Meth addicts. The likelihood of the Defendant getting into more trouble while on bail is far greater than any good that comes out of releasing them.
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© Copyright 2012, Maricopa County Bail Bonds. All rights reserved.
All materials, content and forms contained on this website are the intellectual property of Maricopa County Bail Bonds and may not be copied, reproduced, distributed or displayed without Maricopa County Bail Bonds’ express written permission.
Read More »