When you find out someone you love and care about is in jail, it is only natural to want to scramble to get them out on bail. One of the best ways to do that is with a bail bond agency who can help you come up with the funds to make it happen. This usually means that there is someone who will be cosigning to get the ball rolling. However, this is a serious commitment that you don’t want to take lightly. Casey’s Bail Bonds is here to talk about some considerations you always want to make before you cosign with someone on a bail bond.
What it Means to Cosign on a Bail Bond
It is important that you understand what you are signing up for when you cosign on a bail bond, first of all. You are essentially making a promise and contractual agreement with the bail bond agency that the defendant will appear in court and that if the defendant doesn’t appear in court, you will be cover the financial losses. This is a legally binding contract as the bail bond agency is extending credit based on your guarantees. In short, you are personally vouching for the defendant and there is real money at stake.
Understanding Your Financial Exposure as a Cosigner
There is some financial exposure involved when you cosign on a bail bond. When a defendant doesn’t appear in court, the bail amount is forfeited, and the bail bond agency will be turning to you for the funds. However, this isn’t just the cost of the bail bond. Here is what else is included in that:
– Full Bail Amount: When the defendant doesn’t appear in court, the cosigner is responsible for paying the full bail amount.
– Fugitive Recovery Costs: Sometimes, there is a bounty hunter that is hired to recover the defendant. The cost of that bounty hunter is usually passed on to the cosigner.
– Legal Fees: Cosigners are also responsible for costs that pile up in the forfeiture process.
– Collateral: If you used any property or assets to secure the bail bond, you are at risk of losing them as well.
Red Flags to Watch for as a Cosigner
Before you cosign to help a defendant get a bail bond, here are some red flags that you should beware of:
– The defendant has been known to skip court appearances
– The defendant disappears in the face of difficult circumstances
– The cost of the bail bond could financially ruin you
– You feel pressured or rushed
– You don’t have a close relationship with the defendant
– The defendant isn’t being transparent about the nature of the charges
Bail Bond Services in Shelton, Tacoma, Seattle, Bellevue, Port Townsend, Port Orchard & Bremerton, WA
If you have someone you love who is in jail, you can turn to Casey’s Bail Bonds to help you get them out. If you need to cosign, we will go over all of the risks and help you understand the financial contract you’re signing. We will help you get your loved one home. Call us today!
