By Mary Swensen
Homeowners were once thought to receive a “get out of jail free card” if they were accused of a crime and jailed. Those who owned a home were able to use a bail bonds company to secure bail to free themselves while they put together their defense. That doesn’t seem to be the case any more.
Many homeowners who are accused of crimes and lack the equity in their homes they once had are not able to get the help they need from bail bond companies because of falling home values that are sweeping the nation. People all over the country are figuring out that they simply don’t have as much pull anymore because they don’t own a home that is worth as much as it used to be. Until home values start to rise again, lots of people are going to be left to sit in jail and wait for some kind of break.
There are some things that can help to keep the value of your home higher than others, but the truth is that you can’t grasp full control of the situation because it really lies in the hands of the mortgage banking industry and government directions determining the future of the U.S. mortgage lending system. The debate will be argued in Congress and is likely to be a heated battle divided by partisan political differences.
Home values have literally been cut in half in most areas of the nation, and there is no sign of things getting better anytime soon. If you want to try and combat the reduction in your home value, the only way it seems is to pay it off and keep it maintained.
Whether you can use your home to get bailed out of jail depends on the risk you pose to bail bonds company owners who put up the majority of cash to get you bailed-out of the clink. The lesser the crime, and the degree of criminal charges in the past determine just how willing a bond company will be to post bail. Lower jail bail bonds are also easier to get out of jail.
If you find yourself in a situation where you have to stay in jail it is advisable to contact a lawyer to see what he or she can do to help you get the money you need to post bail. Sometimes a lawyer can find some loopholes or other means of funding your bail so that you can get back to life and work.
The bottom line is that in today’s world, you can no longer rely on your home to help you fund a get out of jail free card. Financial advisors recommend starting a savings account for emergencies so you wont be forced to sit in jail until your court date arrives.