On the other side of the table, the economic situation has affected many potential buyers of homes as well; due to job losses, missed mortgage payments, heavy debt, and ultimately, bad credit, they have been unable to procure a mortgage for a new home. Couple this with the fact that banks hit a standstill where they were not making loans and it is a slow recovery for them as well.

A solution for both homeowner and potential homeowner would be a "Rent to Own Home", which is basically an arrangement whereas the homeowner allows a "tenant" (potential homebuyer) to rent their home, with an option to purchase that home at some pre-determined point in the future at a pre-determined price.

This would benefit the homeowner by having someone renting their home, making their monthly payments, taking care of the home and even potentially making repairs. This works for you if you are selling your house on your own (For Sale By Owner, or FSBO), or if you are listed with a realtor, this opens up a whole new market for you - buyers who cannot qualify for a mortgage now, but perhaps they will be in 6-24 months down the road.

As a potential homebuyer, a Rent to Own is an ideal situation, as it permits you to "try before you buy" to see if you like the home, the neighborhood, the schools, etc.

As a caveat to both types of individuals described above, always check out the local rules/laws in your state, town, or municipality, as there are big differences depending on where you live. You'll want to confer with a real estate agent and perhaps a real estate attorney as well.

Rent to Own could just be the solution to your problem!