Your friend or relative calls in a panic–someone you both know is in jail and can only get out on bail, but the bail bondsman needs some money up front and also a couple of people to sign to commit to paying back the bond. Finding out someone you know has been arrested can be a troublesome thing and you will no doubt want to help.
If you are like a lot of people who find themselves in this kind of sticky situation, you are probably thinking, "There shouldn't be much of a risk in being a secondary cosigner on a bail bond." While it is true that being the secondary co-signer on a bond loan is a little less risky than being the first, there are still things to consider here.
If everyone else fails to hold to their commitment, you could still be held responsible.
The person who is actually responsible for paying for the bond is the person who is in jail and needs your help. The first co-signer on the bond loa will be the next in line to call if that person does not make their payments. But then, it all falls in your lap if the first two responsible parties flake out. So even if the risk is slighter for you as a secondary co-signer, there are still risks involved that you should think about before putting pen to paper at the bail bonds office.
Will you be required to put up collateral along with your signature?
Even as the secondary co-signer on a bail bond, you may still have to offer some form of collateral along with your signature to prove that you do have substantial property to cover the amount of the bond if it all comes down to you. This is definitely something to carefully think about as part of the process because in all truth, if you are left with repaying the bond and can't afford it, it will mean forfeiting something you own.
Talk to the Bail Bond Representative to get All the Facts
No matter what, before you decide to agree to be the secondary co-signer on a bail bond, it is crucial that you get all the facts before you make your decision. Even if you are in a hurry to help rescue your acquaintance from jail, schedule an appointment with the bail bond representative and have a sit down with them to go over everything you should know.
Visit a site like http://absolutebailbond.com/ for more help.