Co-signing a bail bond helps detainees secure a pretrial release. But you may wonder, what happens if you cosign a bail bond and don't pay? This blog explains the repercussions that you should know before such a critical commitment.
What is Your Role as a Cosigner?
In California, arrestees can post bail, which the judges set depending on the crimes for which they are accused. A bail bonds company will charge a fee if the defendant cannot pay the full bail amount.
The company deposits a surety bond to guarantee that the arrestee will appear in court sessions until trial. If a defendant cannot raise the bail bond premium, someone else could co-sign, taking full responsibility for the payment.
Who Can Cosign a Bail Bond?
Technically, anybody can cosign a bail bond, as long as they know the defendant and have the financial ability to post the bail bond fee and any possible forfeiture. You bear several responsibilities that can adversely affect you if things do not work out. Therefore, when cosigning a bail bond, ensure that the defendant can meet all bond agreement terms.
Responsibilities of Cosigning a Bail Bond
If you agree to cosign on a bond, you agree to pay the initial bail bond agency fee and bear the bond's financial responsibility. You also take responsibility for the accused and ensure they attend all court proceedings and follow all conditions. If you default on the agreement, the law expects you to post the entire bail amount.
Co-Signing a Bail Bond: What You Need to Know Before You Sign
The weight of your decision to co-sign is significant, as you become a financial guarantor. Therefore, relevant information should be collected before entering a bond agreement.
How to Sign as a Cosigner on a Bail Bond
In signing as a cosigner, you will fill in several forms that give your financial details and any collateral you can provide, like real estate. You should carefully read all the clauses and ask the bail bondsman any questions to clarify all the points about your duties.
Cosigner's Liability on Bail Bonds
If you do not comply with communications about payments after a bond forfeiture, the bail bonds company could use any assets you surrendered to recover the amount due. This may imply that they commence foreclosure actions or sell your mortgaged assets.
What Happens if You Refuse to Pay as a Cosigner?
If you co-sign a bond and don't pay, the bail bonds service can sue you, demanding all the remaining money. Besides legal implications and collateral use, you have severe credit implications. Unpaid bail balances may be reported directly to credit reporting agencies, adversely affecting the credit score. This negative record can cause significant barriers in your life, and obtaining the necessary financial tools may be more difficult.
Find a Reliable Bail Bondsman Near Me
A bail bond is a significant financial and legal risk when co-signing. As a cosigner, you are liable for the total bail if the accused jumps bail. Also, failure to pay can lead to collateral forfeiture, legal proceedings against you by the bail bonds service, and severe damage to your credit score, creating future financial issues. Call Mr. Nice Guy Bail Bonds at 844-400-2245 for bail bond services across California.
