Because of fall in prices, it is becoming very difficult to sell the property in the market. Estate agents take more time to sell the house. So the best solution would be selling and renting back. Cash property buyer (rapid property solutions) can buy the house from you and rent it back to you. Many people want to sell their house fast because of financial difficulties so they opt for sell and rent back. In this option, you sell your house and stay in the same house as tenant till you want. Pros of this method are you don't have to search a new house, your children don't have to leave their school, and you don't have to leave your friends and relatives.

You may be wondering what is Sell and rent back scheme. It means a homeowner sells his house to an investor and then they will rent it back to you so that you can stay in the same house. There is lot of advantage if you follow this scheme. If you want equity that's trapped in your house so that you can get rid of some major debt, then this is a good way to do it. If you want a divorce, house has to be sold so that couple can split up the money tied up. Also, chances are you can stay in the same house as a tenant by paying rent. If you wish to relocate but your family members or children want to stay in the same house, this could be the best option.

Repossession is a legal process that occurs when a lender obtains a court order to take possession of a property due to non payment of the mortgage. Initially a letter would be send to the borrower reminding him that he has missed certain mortgage payments. Borrower should contact his mortgage lender to discuss the situation and a possible solution to clear arrears. If borrower does not make mortgage payment within a time frame after receiving the letter, then lender can apply to the court for a possession order to take over the property. If the possession order is granted, it will normally be accompanied by a legal eviction of all occupants. Borrower will be evicted if lender has followed the correct procedure and has legal grounds. Borrower's credit rating would be affected as he will not be able to buy a house again.

You may be aware that if you don't pay your mortgage amount on time your house may be at risk. It doesn't mean that if you miss one payment you will be asked to leave the house. In 2007, nearly 27,100 homes were repossessed by mortgage lenders. Some of the reasons to avoid repossession are as follows:

As soon as you start meeting repayment problems, speak to your mortgage lender. Try to switch from repayment mortgage to an interest-only mortgage. Speak to specialist organizations like Citizens advice, Consumer Credit Counseling service or National Debt line, who can provide you solutions regarding debt and credit problems. Do get a quick personal finance check up to see how well you are doing and what steps you can take next to improve your position. Many people may wish to cash in your misfortune. Do read the papers carefully before signing any agreement. Always keep paying something to your mortgage lender if not full amount. As you're paying something, chances of negotiating a better deal can happen. Check if you have any mortgage protection insurance and can make a claim on it. You can raise some money by letting out your property or rent somewhere cheaper. Before renting or Selling your property, do get lender’s permission. If you want to cut your losses, better sell your home yourself rather than abandoning it to your mortgage lender. Don't hand over the keys. You will be responsible for repayments and building insurance until the property is sold.