Recently, Big Boyz Bail Bonds received a phone call in regards to posting an outrageously high bail of $750,000. Typically on these size bails it is helpful to bring the overall size of the bail down by posting part of a property up against the size of the bail. Essentially, when one posts property for a bail, they are using the equity in their home to collateralize the bond. The courts put a temporary lien against the property until the defendant appears for court.
In the case of the $750,000 bail there were two homes being used to post against the bail. With the two homes being put up for the bail our bail bonds company still had to be responsible for over $600,000 of the bail. After Big Boyz Bail Bonds did all the paperwork with the family everyone was prepared to post the bail at the Towson District Court Commissioners office. However, we ran into a slight problem...
As we handed our paperwork through the window to the commissioner she realized that one of the homeowners on the bail did not have a current state tax bill. Just like that, our hopes of getting the defendant released on a party property bail bond in Baltimore County were depleted. In order to post property in the state of Maryland you need the following items:
- Deed to the house, along with everyone present with photo ID that is listed on the deed. This includes if someone appears on the deed but is deceased then you need proof with a death certificate.
- Mortgage bill. Or if there is no mortgage, you need some sort of proof that the property is free and clear of any money owed.
- A current state tax bail that shows the total assessed value of the property.
As long as one has the above items they will be able to post property with the courts with little problem. In addition, the courts have a pretty unique way in determining the equity that is in a home. If your home is valued at $200,000 and you owe $100,000 you would think the courts would give you credit for $100,000 in equity to put towards the bail. This is not the case. The courts actually take the total assessed value of your property (off your tax bail) at 80% value. So if your house is valued at $200,000 then 80% of that is $160,000. So if you owe $100,000 on your property the courts will only give credit for $60,000.
For more information concerning posting bail and posting property for bail please check out a helpful resource known as the maryland criminal attorney blog.