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When money is tight, many people end up in a situation where they cannot pay their bills, sometimes including their mortgage. This often leads to homeowners defaulting on their mortgage, and defaulting on a mortgage for a primary or secondary residence can have serious repercussions for the homeowner. These consequences vary by state, province, and country, so you must be sure to completely understand them.

For instance, when you default on a Spanish mortgage, there are certain consequences. In past years, it was possible to default on a Spanish mortgage with little to no loss at all to the homeowner. People who were not Spanish citizens but owned a vacation or second home in Spain could default on the mortgage with little or no cost or repercussions. But now Spanish banks have become more aggressive about enforcing mortgage terms for all homeowners, even non-Spanish citizens.

If you find yourself unable to avoid defaulting on your mortgage in Spain, the bank may agree to take the home back. Turning the home over to the bank will save you a lot of money, as the bank will not have court costs associated with pursuing you for the mortgage, and your interest will stop accruing sooner. 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. They will be rather unlikely to take the home back without good reason such as a hardship. 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 despite your attempts to negotiate a home turnover, the bank refuses your offer, you must then sell your home. You should try to get as much from the home sale as you can, as you will still be responsible to the bank for any shortfall between the home sale amount and the remaining amount on your Spanish mortgage. If the shortfall is significant, the bank will be much more likely to pursue you for that amount. They will attempt to collect the remaining amount they are owed in any legal way they can. The bank may collect money by placing liens on any and all assets of the homeowner. This may take years to do, but the bank will not give up without getting their money.

Defaulting on a Spanish mortgage is an extremely serious situation, so it is essential that the homeowner work as closely as possible with the bank as soon as it is evident that defaulting is going to be unavoidable. 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.

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.

There are specific repercussions involved in defaulting on a Spanish mortgage. 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 banks have become more aggressive about enforcing mortgage terms for all homeowners, even non-Spanish citizens.

If you find yourself unable to avoid defaulting on your Spanish mortgage, the bank may agree to take the home back. Turning the home over to the bank will save you a lot of money, as the bank will not have court costs associated with pursuing you for the mortgage, and your interest will stop accruing sooner. However, turning the home over to the bank is a process that must be negotiated. The bank is under no obligation to let you out of the mortgage by taking the home back. 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. An example of such a hardship would be the death of a spouse or another situation that has caused your income to be drastically cut.

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. You should try to get as much from the home sale as you can, as you will still be responsible to the bank for any shortfall between the home sale amount and the remaining amount on your Spanish mortgage. If the shortfall is significant, the bank will be much more likely to pursue you for that amount. However, the bank can legally pursue the homeowner for any shortfall amount at all. This means you may face liens on any assets you own, including your primary home and investments. Although it may take years to collect on the shortfall by going through the court systems, the bank that holds your Spanish mortgage will not give up until they do.

If you must default on your Spanish mortgage, it is vital that you contact the bank as soon as possible to work with them. Working with the bank that holds your Spanish mortgage can result in a fair settlement that benefits both you and the bank with as little impact on your other assets or financial holdings as possible.

Putney is a small part within the Manor of Wimbledon. It is located between the parishes of Wandsworth and Barnes and is bounded on the North by the Thames. It is within the hundred of Brixton, which comes in the county of Surrey. The earliest mention of Putney can be seen in the Last Judgement Book, wherein one can find the mention of Putenlie.

This Mortlake (Mortelage) fishery was under Earl Harold during King Edwards period, and during King Williams period; however, it is said that Harold used force to get it up in the time of King Edward in the land of Chingestune (Kingston), and in the land of Saint Paul’s.

Find Putney Contractors

The Fishery
Being on the Thames Putney has always seen a good connection with businesses that are linked with this river had a strong association with trades associated with the river. According to an early tradition of the Manor of Wimbledon, In 1663 the fishery was held for the three best salmon caught in March, April, and May; but this rent was afterwards converted into a money payment.

According to Guthrie the fishery continued until 1786, after which it is said to have been abandoned. Lyson tells us that even though no “fishery” could be seen in Putney after 1786, fishing continued to be carried on until the early part of the nineteenth century. Now fishing in this region is limited to the adventurous amateurs.

The Putney Ferryboat
The Putney Ferry was seen in the 11th century and possibly before. In the household accounts of Edward I (1272-1307) the ferry was twice mentioned.

In the first, The first instance is where Robert the Ferryman of Putney and other sailors were paid 3/6d for carrying much of the royal family across the river and also taking the king and his family to Westminster.

There were two types of ferry that could be obtained from Putney, the “long ferry” from Putney to London or Westminster and the “short ferry” which ran to Fulham. The former was particularly availed of by foot passengers to avoid the deplorable roads. Horses could, no doubt, be acquired through the number of inns in Putney which were close to the ferry.
Information sourced by Australian car rentals info from Edward Lindberg

Once youve chosen your ideal property and found a Spanish mortgage how do you go about completing the purchase?

Buying property in Spain is highly regulated. The best thing you can do to protect yourself and your money is to hire an English-speaking lawyer or legal counsel to help you during the purchase and negotiation. Make sure that the Spanish property is free of restrictive clauses and debts.

There are two different categories in the Spanish legal processes for the purchase of property. The first legal document is the preliminary contract, known as Contrato privado de compraventa, and the second is the completion contract, known as Escritura de compraventa.

Once the buyer and seller are in agreement on the price then they need to sign a preliminary sales contract. Before this Contrato privado de compraventa has been signed, however, the vendor needs to be able to provide proof that he or she owns the property, and that it is free of any charges. Debts are charged to the property themselves in Spain, and any outstanding mortgage amount would then be passed on to the purchaser. Nota Simple tells about outstanding debts.

The completion date, overall price, and property description will all be elaborated in the preliminary sales contract. A 5% to 15% deposit of the final purchase price will be required. This money is held for you in a secure customer account. You can sign the private preliminary sales contract and not put down a deposit but it is not advised.

The second stage is the final contract stage, or the Escritura de compraventa stage. On the completion date, the balance of the price of purchase and all fees need to be paid by the purchaser. Both the vendor and the buyer must sign the contract at the same time. This contract is equivalent to a deed on the purchased property. The purchaser will receive the public deed of conveyance, known in Spain as the escritura, in front of a Notary Public. In order for everything to be legal a copy of the deed will have to go through the tax office and property registry. In Spain, all deeds of sale must be witnessed by a Notary Public, which is a public official in that country. However, you need to have your own legal counsel to protect your own interests during the transaction. Remember too that as the buyer you will be responsible for paying the Notary Public’s charges along with the real estate sales taxes.

The UK economy is facing scarcity of money causing real estate projects to be cancelled or delayed. It has forced around 58,000 employees to face imminent dismissal. However, it seems that the real estate sector is being supported by the money being channelled from Middle Eastern companies.

Four Qatar based companies are providing funds of close to £430 million to build a skyscraper named the Shard. This skyscraper will be built close to river Thames and will be the highest building in Europe, the total height of the building being more than 300 meters.

The Shard will be finished in the next 3 years. The Shard is going to have apartments, shared offices, and restaurants. In addition to these, Shangri-La Asia Limited, a hotel group is building a five star hotel in the Shard. This luxury hotel will have around 197 suites and rooms and will be spread over 19 floors.

Other prospective lessees have also started taking leases. Transport for London has already acquired a three-decade long lease for a shared office in the building.

It has been reported that the Shard may have to compete with the Pinnacle office tower. This 945 feet building will be situated in the City of London financial district and will be complete by 2013. This is another example of Middle Eastern money coming into the UK economy as Arab Investments Limited is providing funding for the building.

Purchasing and offering assets on auctions can be straightforward and beneficial for equally parties. Discover a public auction it is not straightforward course. Particulars about the estate proposed on a public auction can be found in the local or national press, or on UK property site. Local estate agencies often have information of house to be sold by auction as well. Though a simple way of discovering public auctions is to take note of the phone numbers of any “Auction Sale” signboards.

There’s generally a fee to receive the auctioneers mailing catalogue and for receiving an index complete of pictures and particulars related to the properties. Free catalogues are usually not worth it.

You’ve only got three or four weeks to know what’s imminent on by public sale, so act as quickly as possible.

The variety of home largely sold are the one-offs that real estate agents consider not easy to appraise or to offer on the market, although they possess expansion promises. If instead you are searching for overseas deals, then search for example for property for sale America and get expert advice online.

Auctions are also worthy of note for the repossession properties presented for sale by credit lenders, which normally are good deal and have low reserve value. Prior to the public sale pay a quick visit and hold a glance at the property. Do research the region and, vital, coordinate with your experts to carry out the indispensable scrutiny – like an official examination and a professional assessment.

It’s a good idea to fix your funds, and more significant, arrange the mortgage to pay a deposit, habitually 10 % on the sale day, and the outstanding 90 % in the following twenty eight days after the agreement. If you are successful, you have to pay the deposit to the auctioneer the same day and the vendor’s representative has to countersign the Memorandum of Agreement. Fines for failure to protect the arranged price are strict.

Remember that if you are outbid you will throw away all the cash you have invested on the assessment plus the legal price, but it is a good idea informing the agent of the sum you can be organized to invest for a certain assets that has been withdrawn; you never know, in some cases the vendor may be keen to accept your offer.

The sale pact is equivalent to swap of contracts in the ordinary sale by restricted pact. This also represents that the purchaser cannot be rejected by higher offers and the salesperson does not have to be bothered of last-minute fee renegotiations.

Prior to heading out and buying or renting a new house in Spain, there are numerous things that need to be considered as one takes this big step. When you are about to buy a house you need to keep several things in mind. The homeowner is the one that must decide if they are to sell the house and use the money to purchase their new property in Spain, or keep the home and make it available to renters. You should remember the latter option if there is the possibility that you may want to return to your country later. It is worth getting expert advice if you are planning to purchase property in Spain. People who are trying to sell you their home may not want you to know about specific details that may be wrong with the estate so a good Spanish mortgages advisor should check to see if there were any previous problems with the property.

You will want to check and see the laws in your native country. Be aware that even if you don’t work in a country you may still have to pay income taxes based on the property or other assets you may own. You may have to consider liquidating assets and selling property.

Several things to consider are the difference in the cost of living, language, work and transportation. If you do not have any prior knowledge of Spanish, begin lessons immediately prior to moving or as soon as the move is over. Find out whether or not a local dialect is spoken there. One might also like to give some thought to areas such as health insurance. One of the major factors is that there are two alternatives depending on status. Other things you will need to consider include how to successfully transport your things, yourself, and your pets over to Spain. The tourist law differs from country to country and every tourist is expected to carefully follow the rules of the country he visits. Sometime it may not be that difficult to move from one country to other in Europe, but it may not be that easy when you are coming from an outside European country.

What is an OPTION?

First, let’s clear up some “slang” terms often used with these that create confusion: Rent to Own, Lease Option, Lease with Option to Purchase all mean the same thing in general usage. A lease is simply a rental agreement that is established for a set period of time (e.g. twelve months required rental period); rent is often used to refer to month to month situations.

An option is a grant of the right to purchase property, at set price and terms, from the owner of the property. The person who receives the option can (but is not required to) purchase the property during a set period of time agreed to by both parties when they enter the option.

An option is different from an agreement to sell (Purchase Agreement). Under an option, the seller agrees to sell, but the buyer does not agree to buy; the buyer simply has the option of buying during the option period. A Purchase Agreement provides that the buyer agrees to buy and the seller agrees to sell.

NOTE: In an Option, the Seller is the Optionor (The one who gives the Option) and the Buyer is known as the Optionee (The one who receives the Option).

What is needed to SET UP a Lease with Option to Buy?

To set up a Lease with Option to Purchase with a tenant, you will need all of the documents you would normally use to set up a simple rental/lease:

Option Agreement*/Purchase Agreement
Rental Agreement
Check-in/check-out list
Lead Base Paint Disclosure and pamphlet
Smoke Detector Agreement
Any other agreements you would normally use).
*Be sure that Option Agreement you’re using protects you as the Optionor, as many option forms available favor the Optionee. Attached to the Option Agreement will be a Purchase Agreement, which will spell out the terms of the sale under which the tenant may purchase.

NOTE: It is important that both parties initial the Purchase Agreement on the top or bottom corner to acknowledge that the terms have been agreed to but it is not yet a binding Purchase Agreement. Also, be sure to use an Option form that is not recordable, on the public records so that the tenant doesn’t unnecessarily cloud the title to your property.

BENEFITS of doing Lease Options
Let’s look as some things that you can expect when you offer your property on a Lease with Option to Buy:
1. If you place an ad for your property offering a lease with Option to Buy, you can generally expect five times the number of responses than a regular “For Rent” ad. There are a lot of people looking for an opportunity to own their own home rather than just continue to rent.
2. The tenants who call will be inherently more responsible and serious about owning their next home.
3. Traditionally, in addition to the monthly rent, you will receive a monthly payment towards the option fee (the fee you are being paid to grant the option) thereby increasing your monthly cash flow.

4. Since you are working with people who often aren’t immediately able to purchase a home outright for various reasons (usually credit or time on the job), you are providing them the opportunity to own when they otherwise couldn’t, and are therefore generally willing to pay a slightly higher sales price, often as much as15%.
How to STRUCTURE a Lease Option

Through our experience, we have found the following to be a good guideline for structuring Lease Options:
Charge market rent. Don’t give discounts on rent just because the tenants are also paying you a monthly option fee or they are planning on buying the house; the option is separate from the rental.

Get as much option fee as you can up front, the more the perspective tenants pay up front, the greater their risk will be if they don’t follow through. Credit the option fee towards the sale price if they close.

In Michigan, you can only collect equal to 1-1/2times the amount of the rental rent as security deposit up front when renting, plus you may have to give it back if the tenants move. When doing an option, don’t charge a security deposit; apply the funds the tenant would have paid to the option fee, which is non refundable.

Make your option cancelable by you if the tenants default in any of the terms of the rental/lease. (We have this incorporated into all of our agreements)
Work with a mortgage loan officer to qualify your perspective tenants. Have the loan officer advise you on how long it will take to have the tenant “mortgage ready”, then set your lease option term accordingly.

When pricing your property, you will be able to get more than market price, but remember the property will have to appraise for the purchase price when they qualify for the mortgage. 15% or higher is a good range, figuring their option fee being deducted and appreciation. An excellent explanation of “why pay more” is the example of car insurance, you get some accidents and tickets, and then you end up paying more. Just the same, your credit scores affect the cost of financing and the availability of sellers who will work with you.

Make the tenant responsible for repairs and maintenance to the property; make sure your rental agreement states they are responsible for the cost of such repairs and renovations. (Keep in mind under Michigan law, you are still ultimately responsible to perform repairs when you rent property, but often tenants will perform or arrange needed repairs and even if they don’t, you can charge the tenants for the repairs.)

No matter what your investment plan or strategy, options can be used to produce better profits and less “management intense” rental situations, as well as one of the best solutions to sell your rental property at top dollar. It can truly work as one of the best “win/win” situations in real estate investment.

To learn more about options, visit our website at www.mrleaseoption.com.

Mark Maupin is National Real Estate Network’s number one ranked real estate speaker. In the 25 years that Mr. Maupin has been working in real estate, he has purchased in excess of 3,500 single family homes and many multi family properties. He is a member of commercial MLS at a national level including the Real Estate Land Institute.

Please visit his web site, http://www.mrleaseoption.com, for more information.

Disclaimer: Real estate investing by nature is risky. You can win, lose or break even. Mark Maupin cannot guarantee a profit or loss. We do not provide legal, accounting or contracting advice. Please contact an attorney and/or financial profressional whenever making a real estate investment.

Prepare Your House to Sell – Chicago Real Estate

After you’ve made basic repairs, the task of selling your home boils down to making the house as clean, clutter-free, and inviting as possible. Now’s the time to make cosmetic improvements: Paint a dingy room, rearrange furniture, hang up artwork, or freshen your front entrance with flowers.

Make sure your agent has plenty of brochures and business cards available to set out on the entry table or on the kitchen counter. The hard part will be keeping up appearances as long as your house is for sale. Go through this checklist at least every other day to make sure that your home is tidy.

Front entrance

* Clean doors and windows

* Sweep sidewalk

* Polish doorknob

* Shake out doormat

* Water container flowers (replace if necessary)

* Clean doors and windows

* Keep the lawn and landscaping trimmed
Entryway

* Clean doors and windows

* Mop floor, shake out rug, vacuum carpeting

* Water container flowers or plants

* Dust shelves or entry table

* Tidy up closet

Living room, family room

* Stow away newspapers, magazines, books, games, toys, and videos

* Straighten out coffee table, bookshelves, and other areas

* Mop floor or vacuum rugs

* Vacuum upholstered furniture; wipe down leather or vinyl

* Dust surfaces (including TV screen)

* Sweep fireplace

* Wipe down ceiling fan blades

* Water houseplants

Kitchen

* Mop or vacuum floor

* Clean appliances

* Wipe countertops, cabinets

* Clean sink

* Stow away kitchen sponge and dish towels

* Open windows or run fan to remove cooking odors

Bathrooms

* Wipe wet shower stalls and bathtubs

* Mop floors

* Put out fresh towels

* Empty wastebaskets

* Clean sinks, mirrors and faucets

* Stow away laundry

Bedrooms

* Make beds

* Mop floors or vacuum rugs

* Stow away shoes, laundry, clothes, books or toys

* Open curtains or shades

* Tidy up closet

Home office

* Straighten out desk and bookshelves

* Stow away files

* Mop floor or vacuum rugs

* Dust surfaces, including computer screen

* Polish cabinets and woodwork

Basement

* Clear clutter blocking access to furnace, electrical box or laundry room

* Sweep stairs

Leading online source for Chicago and Suburbs real estate. We offer FREE up-to-the-minute live MLS property search and resources for home buyers and sellers. Let our 20+ years of real estate experience work for you. Visit us at http://lizshomes.com/

According to the NAMB (National Association of Mortgage Brokers), two out of three Americans work with a mortgage broker to purchase a home because of the broker’s expertise and wide selection of loan products and lenders. However, with so many so called “experts” out there, how does one separate the wheat from the chaff? How do you know if a broker is honest? And how do you know they’re an “expert” or not?

The NAMB says that over 70 percent of brokers are legitimate, that is they have safeguards and policies in place to make sure that they stay on the straight and narrow. So what about the other 30 percent? Well, the whole 30 percent isn’t bad, but just as in any classroom, you’re going to have those at the top, some in the middle, a few at the bottom, and others who simply don’t show for class. Obviously, those at the bottom and the no shows would not be your first choice if you were going into surgery and they were holding the scapel, nor should they be handling your loan when you purchase a home or refinance.

Because of the surge in numbers of mortgage brokers in the past few years, there are plenty of incompetent and dishonest brokers out there. In order to avoid the 30 percentile, I offer the following tips to help you find a mortgage broker that is not only an expert but honest and reputable as well:

Don’t believe everything you hear. Asking friends or family to recommend a mortgage professional is usually the first place people start. However, how do they know the broker is reputable and trustworthy? Check with your state regulatory offices and licensing bureau once you have some referrals. Better to be safe than sorry.

Use an NAMB certified mortgage broker. Brokers certified by the NAMB practice the highest ethical and professional standards in the industry. There is a “Find a Broker” link on the NAMB’s website at www.namb.org.

Use an Upfront Mortgage Broker (UMB). These brokers disclose their fees to customers in writing in advance at the customer’s request. They also disclose the wholesale prices they receive from lenders. For a list of UMBs visit www.mtgprofessor.com.

Honesty is the best policy. If a mortgage broker suggests that you lie on your loan application in any way, he/she is most likely in the 30 percentile. Walk away.

They need to show you the money. If a mortgage broker doesn’t disclose your closing costs in three business days, it’s probably best to take your business elsewhere.

If you’re not bleeding, they shouldn’t be applying pressure. A mortgage broker who pressures you into anything you are not comfortable with probably failed ethics. No reputable broker will pressure you into anything you don’t feel comfortable with.

There are no stupid questions. Does the mortgage broker answer all your questions to your satisfaction? Are his/her answers straightforward, honest, and respectful?

Do you have a reservation? If you feel comfortable with whom you’re working with and feel like they have answered all your questions and put all your reservations to ease, you’ve probably found a good mortgage broker.

Brian Daniel is a loan officer for Bend Mortgage Group Ltd. a mortgage company in Bend, Oregon. He is also the company’s marketing coordinator. For more information or help with an Oregon home loan visit http://www.bendmortgagegroup.com.