When you have to raise bail money fast, you may think that using your home's deed is a good idea. Owning the house outright and being able to use it in emergencies like this one is one of the reasons why you bought the house in the first place. However, it might not be the best idea, since you would have to surrender your home if something goes very wrong. Instead, consider one of the other options listed below for getting bail funds. You will appreciate it, and so will your bail bondsman, who would rather have cash than a house deed anyway.

Home Equity Loan

Because you own the house outright, you have 100% equity in it. That means you can borrow up to the full property evaluation in equity. Whatever the house is worth is what a lender will give you for the equity loan. So, if your home is worth a $100,000, you can ask for any amount up to that value for the purpose of securing a bail bond from a bail bond agent and getting your relative releases from jail. You will have to pay it all back, but at least you would still be able to keep your house in the event that your relative jumps bail or somehow does not make it to court for his/her previously scheduled hearings.

Second Mortgage

A second mortgage can be taken out on a home whether or not you are still paying on a first mortgage. Since your first mortgage is paid off, taking a second mortgage gives you the opportunity to use your home as collateral without worrying about paying double the mortgage every month. With mortgage rates being as competitive as they are right now, you could actually get a second mortgage at a rate that is reasonable and manageable for your finances. 

In the event that your relative is cleared of all charges and acquitted, you will get a chunk of this money back, which you can then give back to the bank/lender and have less to pay back. The bank can even cut you check that you can make out to the bail bond agent for easy transfer of funds.

Borrow Only What You Need

Consult with the bail bond agent regarding the amount of money you need for bail. Borrow against your home only what you need. It is easier to pay back a second mortgage or home equity loan when the amount is small.

For more information, contact a company like Steele Boys Bail Bonds today.