I want to use my home as collateral to bail out my husband. How much does my house have to be worth and how does it work?
You may use your home as collateral to post bail. The value of the home has to be equal to the amount of the full bail, not just %10. The determination of the value of the home is left up to the city assessment board. You must get a copy of the assessed value of the home and bring it to the bail hearing in order to use it as collateral. Remember that the assessed value of the home is often, if not always, far less than the market value of the home.
Once the court is satisfied that the assessed value is equal to the full bail amount they will allow the defendant to be bailed out using your home as the collateral.
In Philadelphia the following link can be used to determine the assessed value of a property: http://www.hallwatch.org/proptax/index_html
Labels: bail reduction, collateral, posting a home