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  1. LoanChica
    LoanChica is offline Junior Member
    Join Date
    Mar 2008
    Posts
    1

    Am I In Big Trouble?

    I have a question regarding a bond that I have had for about a year.

    I've had some extreme financial difficulties within the past year: My home has been foreclosed on, I have been sued by several creditors (for large amounts of money) because I have been unable to pay them, and I'm also behind on paying my withholding taxes.

    My question is - Is it possible that my current bond could be revoked or cancelled if the bond company were to discover my current situation? I've been so worried that it could be cancelled/revoked and that I would be unable to get another one. Any help with my question would be greatly appreciated.
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  2. Admin
    Admin is offline Administrator
    Join Date
    Jan 2005
    Posts
    755

    Some bonding companies re-underwrite all of their bonds on an annual basis, others do only for larger bonds, while some do not review a file at all once they are in their system...

    If you do get cancelled, you can expect to pay substantially more if you try to get approved with flawed credit.
    Surety Bond Articles
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