The number of repossessions has risen during the third quarter of 2009 but the amount of new mortgage arrears has seen a decline. However that is not to say that these new mortgage borrowers will not fall into arrears during 2010 as the economy and job losses are still uncertain.

When faced with mortgage arrears that you cannot repay your options are somewhat slim. If you do nothing then you will almost certainly end up losing your home. You may wish to try to sell your home to avoid being repossessed, however, with very few buying property this may be impossible. You may wish to sell your home and rent it back with a company offering to pay cash for your property.

Numerous companies out there who offer those faced with repossession a lifeline as they buy rent back the property to you and offer you the option of being able to buy back in the future if your finances settle down. When taking this option you typically do not have to pay fees to sell your home and this should be weighed up against the fact that companies typically do not offer you the full asking price for your home.