For some 2010 will not start out so good, especially if you are behind with your mortgage repayments and know that you cannot catch up on the missed payments. Lenders of course are somewhat lenient and will usually only repossess as the very last resort. However if you cannot make an agreement with your lender to repay arrears then of course they will start proceedings.

If you fear what 2010 will bring, then you may wish to look into the option of being able to sell your house and rent it back. When you sell your house with the option of renting it back, you are typically able to sell within a few weeks for cash, which is used to pay off the mortgage and arrears. You then remain in the property as tenant by paying out affordable rent each month.

Typically, when you take a property rent back, you are also given the option of being able to buy back in the future. If your finances have settled down you can again become the owner. When considering selling to rent back always check the company has the backing of the FSA. This is to ensure that you get the best deal possible based on your circumstances.