Where All Of The Physical Assets Of A Bail Bond Company Go
If you want to release a relative or friend from jail, he or she is going to need a bail bond. To get the bail bond, you need cash, or you need some sort of physical asset to secure the bail bond. If you do not have enough cash, you can use your house, cars, boats, luxury vehicles, jewelry, and anything else of value. However, you should be aware that in the event that your friend or relative jumps bail (i.e. skips town and does not appear in court), then everything you used to secure the bail bond becomes the property of the bail bond company. What the bail bond company does next with it is up to them, but here is where most of the acquired physical assets go in these situations.
Sold Outright for Cash
If it is a car or some sort of luxury recreational vehicle, the bond agent can sell it outright for cash. It may be sold to a dealership or to a private party. The cash acquired from the sale is then split between the bond agent's financial losses for posting bail and the money owed to the court for the bail bond and jail fees. If the bond agent turns a profit above and beyond what is owed, he/she gets to keep that money.
Properties Go to Auction
Properties (meaning real estate and homes) often go to the auction block. City and county auction blocks will auction off the house or property used to secure the bail bond. The goal is to make enough money to cover the bond, the related legal and jail fees, and possibly the original bail amount set by the judge if the judge so deems it under the laws in a city/state. Again, any money made above and beyond that on the auctioned property is pocketed by the bond agent.
There is a glimmer of hope in this matter, however. If you can raise enough cash, you can go to the auction and try to win your house back. You will need to pay in cash or a certified bank check, and the amount might be more than your home is worth. If you are serious about getting your property back, this is really the only way to do it.
Jewelry and Furs Are Appraised and Then Sold or Pawned
As for jewelry and furs (if applicable), both are appraised for quality, craftsmanship, and resale value. Then the bond agent can resell these to recoup financial losses. If the agent so chooses, and there is no law, restriction, or debt to the courts that needs paying, the bond agent can also choose to keep these items as payment. The items may also be sold to stores or pawned for cash.