Is Your Home Underwater? Then Don’t do Anything Illegal!
The foreclosure crisis has caused many problems – lost money, lost homes, and prison overcrowding. Well, that last one is more of an indirect result, but connections can definitely be made. With so many homeowners underwater, bail bondsmen typically will no longer accept homes as the collateral necessary to post bail. Historically, family homes kept people on trial or awaiting trial out of jail because they allowed them to post bail, but with plummeting home values, bond agents see accepting a home as collateral as too risky. Because people are no longer able to use the traditional form of collateral to get out of jail, they spend more time there, which leads to prison overcrowding.
Bond agents are being forced to ask for other forms of collateral these days, like computers, jewelry or a piece of equipment, like a boat or a motorcycle, if they’re available. Homes just aren’t worth what they once were. So underwater homeowners, think twice before robbing that convenience store to help your cash flow. Your home is no longer your ticket out of the slammer.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
