In uncertain economic times, many people find themselves unable to make their mortgage payments. Whether the mortgage is on a primary residence or vacation home, defaulting on a mortgage can have serious consequences for the homeowner. These consequences vary by state, province, and country, so you must be sure to completely understand them.

Defaulting on Spanish mortgages, for example, has very specific consequences. In past years, it was possible to default on a Spanish mortgage with little to no loss at all to the homeowner. This was especially true if the homeowner was not a Spanish citizen and the home was a vacation home or second residence. But now Spanish mortgage holders can and do pursue every legal means necessary to collect on their mortgages.

One option you have when you default on your Spanish mortgage is to turn over the home to the bank. This option will save you money in court costs incurred by the bank when pursuing you for the balance, as well as additional interest on the mortgage during the court battle. However, turning the home over to the bank is a process that must be negotiated. The bank has to accept your offer, and they are under no obligation to do so. The bank is more likely to accept the home back from you if you have had a true hardship that has affected your ability to make payments on your Spanish mortgage. If your spouse dies or your income has dropped due to another cause that is no fault of your own, the bank may consider that a valid hardship and allow you to turn in your keys to the home.

If you cannot negotiate a home turnover with the bank that holds your Spanish mortgage, you will need to sell the home as soon as possible. Try to get a final sale price that will cover the remaining amount on your Spanish mortgage or one that will come as close as possible to paying it off, as the bank will still expect the full amount from you in any case. The bank will be most likely to aggressively pursue you for a large shortfall on the Spanish mortgage. However, the bank can legally pursue the homeowner for any shortfall amount at all. This includes placing liens on any assists you may have, such as investment portfolios, your primary residence, and any other property you own that has value..

If you must default on your Spanish mortgage, it is vital that you contact the bank as soon as possible to work with them. Doing so can result in an agreement that will satisfy the bank, relieve you of your responsibilities associated with the Spanish mortgage, and allow you to keep other assets you may own.

According to a recent research by Knight Frank, the only UK city that witnessed increase in its prime office space rent was Cardiff. The research also suggested that if new stocks are opened up, the spring of 2010 in addition to the winter of this year might witness rise in prime office rents in office markets of Swansea and Newport.

However the rise was not uniform even for Cardiff as it took almost fifth percent of the third trimester of the year for the rents of £21 i.e. the high ticket rents to be reached. The rents saw this real hike with the architectural firm, B3 Burgress announcing the lease of 4,000 sq ft office space in the area under Cardiff Callaghan Square scheme.

The month of October also saw same rent of £21 for lease of a building by the law firm of M&A Solicitors in Cardiff. The law firm entered into the contract for desk space of 10,000 sq ft at the 3 Assembly Square scheme.

However, it is also to be noted that some of the best deals in this area have cost the landlord a fortune as some of them went on to offer the tenants free stay for over two years for leases of ten year.

As per Claire Higgins, the Head of commercial research at Knight Frank, the office rents market in London is not expected to see a similar rise due to the after effects of recession, though other areas of UK are more likely to keep growing. She also added that there is a possibility that the prime office rents will stay as they are.

A newcomer to the world of investments in the notion of “Virtual Real Estate Investing“. What is meant by “Virtual Real Estate Investing” ranges from online games like SecondLife (where real profit can be made) to the use of internet technologies to make normal real estate investors more profitable.

To get the facts, I sought out the man generally considered to be the father of virtual real estate investing: Bryan Ellis.

Ellis says he adopted the term “virtual real estate investing” sometime before Y2K after he realized that making money online is conceptually very similar to making money with physical real estate.

One example of the parallels between virtual and physical real estate Bryan Ellis cites is the similarity between the monetization of domain names versus physical property. “These types of assets – websites and physical real estate – can be monetized in very similar ways like buy lo/sell high, leasing/rental and advertising opportunities” he says.

The parallels really are obvious. For example, if you’re the owner of a desirable property, its desirability is (in a business context) largely due to its being in a location that is of interest to others. Likewise, if you own a desirable domain name, others will find value in it because it serves their purposes. So it doesn’t matter if you own physical real estate or virtual real estate – you’ll likely use similar strategies to turn them into money in your pocket.

In our next installment of this series on virtual real estate investing, Bryan Ellis will share the internet analogies to the physical concept of real estate development.

Several years ago I developed a philosophy in renovating houses which resulted in a finished product that I call a “Dream House” or “Doll House.”

How many houses on the market today look very ordinary and less than perfect? How many look “Plain Jane?” What is the difference between these “average” houses and the house on the block that is strikingly different at even the distance of a windshield view?

The pronounced difference in the outstanding property offered for sale might be brilliant new lawn grass. Maybe the freshness and color combination of the house paint might stand out. Maybe some feature on the porch or in the yard catches everyone’s attention. You know a property has captured this difference when everyone driving down the street is compelled to catch a glimpse at its uniqueness.

The exterior and interior of every house can be dressed up in some way to make it look spectacular!

I try to finish off my refurbished houses with a spit-shine look so they stand out in the crowd. When the exterior of a property draws attention to passersby, prospects are attracted to see its interior.

It’s not always easy to create the best-looking house on the block. But the pay-off in short time on the market is dramatic.

Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. http://www.CashinHouses.com/

He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at http://www.General-RealEstate.com/business/flipping.html/ Subscription is free to his Fix-up Ezine. He and other contributing authors provide free articles and resources on real estate investing at his online “Academy of Advanced Real Estate Investing Techniques” at http://www.AAREIT.com/

If you are a newcomer to the buy to let market; it’s easy to feel that everybody’s speaking a foreign language. Follow our straight-talking guide for a jargon-free look at UK buy to let mortgage rates:

Standard Variable Rate Buy to Let Mortgages: The interest on a SVR mortgage is set by the lender and can rise or fall at their discretion. Fluctuations generally mirror changes in the Bank of England’s base rate, although lenders aren’t obliged to match the changes. Consequently interest rate rises tend to be passed on to borrowers much more quickly than cuts. Because SVR mortgages tend to reflect the base rate; performance depends to some degree on the state of the economy.

Base Tracker Buy to Let Mortgage: Tracker mortgages are tied to the base rate and rise and fall accordingly. Traditionally lenders have only offered tracker mortgages for a limited period of time, although a growing number will now arrange tracker rates for the entire mortgage term.

Fixed Rate Buy to Let Mortgages: Fixed rate mortgages generally appeal to property investors who like to keep a close eye on their monthly expenditure. Fixed rates can be set for the entire term of the mortgage or a limited period – whereupon interest commonly switches to SVR. Because the rate is ‘fixed’ mortgage repayments aren’t affected by the performance of the economy. Of course this is something of a double-edged sword; you will be protected from base rate rises, but won’t benefit form interest cuts.

Capped Buy to Let Mortgage: For many buy to let investors a capped mortgage rate offers the best of both worlds. Interest repayments are set at the SVR with the advantage of having an upper limit above which the rate can’t rise. Hence, if the economy is buoyant investors can reap the rewards of low interest rates; while any rises in interest rates have limited impact.

Discounted Buy to Let Mortgage: Lenders often try to win new business by offering incentives such as ‘discounted rates’ or ‘cash-back’ to potential customers. Bearing in mind the old adage that ‘there’s no such thing as a free lunch’ it’s important to work through all the figures carefully before committing to such a deal. In many circumstances they make keen financial sense (for example: if you need extra funds to redecorate a property before letting) although they may not be the cheapest option in the long-run. The interest on a discounted mortgage is charged at a lower rate for a fixed period, usually 18-24 months, before changing to the SVR.

Mike Stepney is part of The Money Centre team. Click for more on buy to let mortgage rates