Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

Arrested For The First Time? 2 Questions You Should Ask Your Bail Bondsman

Finance & Money Articles

Being arrested can be a positively terrifying and overwhelming experience. In addition to worrying about staying safe around other criminals, you might also stress about coming up with the money to post bail—so that you can head home and explain things to your family. Unfortunately, unless you are independently wealthy, it might be difficult to come up with your bail money on your own. However, bail bondsmen can take care of the money, if you promise to show up in court. Here are two questions you should ask your bail bondsman, so that you can get a great deal and meet the terms of your release: 

1: "How much do you charge?"

Although you might assume that one bail bonds company is like any other, costs can vary from business to business and from state to state. In fact, while most states cap bail bonds fees at 10%, some states charge much more than that. For example, the state of Colorado states that bail bondsmen can charge up to 15% of the total cost of the bond, while businesses in Utah can charge up to 20%. To put those numbers into perspective, if your bail is set at $10,000, it would cost $1,000 to work with a bail bondsmen in Arkansas, and up to $2,000 to meet the same bail in Utah.

State regulations aren't the only thing that can alter the amount of money that you stand to pay to meet bail. Here are a few other things you should ask potential bail bond agents about, so that you aren't surprised by unexpected expenses later:    

  • Additional Charges: Some bail bondsmen charge additional fees for things like arranging electronic money transfers or physically delivering bonds to the jail where you are being held. Before you hire anyone, ask which additional charges you could be subject to, and always ask for an itemized receipt. 
  • Acceptable Collateral: If you are really down on your luck, you might not be able to come up with your bail bonds payment. However, some bail bondsmen accept collateral such as property, vehicles, or real estate deeds. Ask your bail bondsman which forms of collateral they accept, so that you aren't left struggling to pay the bill.

After you discuss the financial terms of your bail, ask your bondsman if you can have a copy of the contract in writing so that you can refer to it later.

2: "Do you have any conditions of bail?"

In addition to paying your bail on your behalf, some bail companies also dictate conditions of bail—which are essentially terms you have to meet in order to be eligible for the service. Here are a few examples of things your bail agent might ask you to do to qualify for their help:

  • Drug Rehabilitation: If you struggle with drug or alcohol addiction, you might be asked to participate in a rehabilitation program after you are released from prison.
  • Ongoing Employment: Your bail agent might also ask that you maintain ongoing employment, so that you can get your life back on track.
  • Therapy: If you were arrested because of a violent outburst or another potentially dangerous action, you might be asked to meet with a therapist or attend anger management classes.
  • Limited Travel: Because your bond agent is personally responsible for returning you to court, you might also be asked not to travel for awhile. For example, you might be asked to stay within a set number of miles until you meet your court dates. 

If you fail to meet the terms of your bail, your agent might have the right to send you back into state custody.

Asking your bail bondsman the right questions might help you to hold up your end of the deal, without spending more than you need to on your release. If you are looking for a bail bondman in Las Vegas, then try clicking on this link.


24 June 2015