Are you or a friend or family member in a real state of panic over a mortgage payment out of control and out of your ability to pay? Is foreclosure a very real possibility that robs you of sleep and peace of mind every single day? If so, you need to know about a scheme to sell and rent back your own home that is legitimate and legal and that may be just the answer you need.

A few years ago, everyone wanted to buy a house. Flexible and adjustable mortgage rates made the front-end payments very low. Anyone with good credit could be qualified and buy a house, on the theory that their income would increase over time and they would then be able to handle higher monthly charges when the low introductory "teaser" rates expired. The fallout from those assumptions in today's economy is unprecedented demand for homes for rent-back plans.

The real snafu came when income did not match the rising prices of mortgage monthly payments, and people would fall behind. Mortgage foreclosures or repossessions are reaching disastrous numbers, and the government so far has done little to help individuals. Thus, a way to sell and rent back can save a struggling owner from being put out of their residence and in some cases can even allow owning it again.

Deciding to sell and rent back your house takes a little time to arrange so the first thing you want to do is find an institution or bank that specializes in this type of contract who will buy your property and accept you as a client. It is important to make sure the company is reliable with good ratings in this type of transaction.

Then, per your sell and rent back contract, you are expected to make a deposit similar to rental deposit and subsequently will pay a fixed monthly rent. The rent will be defined for a set time frame, for example, an year and will usually depend on local rates. Thereafter, the rent can be renegotiated or reset depending on the current local rates at that point in time.

The nice thing about these contracts is that they include a clause that allows you, within a certain number of years, to buy your home back. So, for example, if you find a new loan in the future, you can use it to purchase your home again. You won't have to move out of your house, and you will even be a homeowner again. That is why anyone having a hard time paying her mortgage should give a sell and rent back plan a serious consideration.

If you are in a real state of panic because you can't pay your mortgage then you should learn about a legitimate sell and rent back your own home plan. It is legal and may make it possible for you to remain in your home. Anyone with good credit could be qualified and buy a house, on the theory that their income would increase over time and they would then be able to handle higher monthly charges when the low introductory "teaser" rates expired. The fallout from those assumptions in today's economy is unprecedented demand for homes for rent back plans.