You can simulate the old method of fastening photos in albums but without actually cutting the background.
This script will use a duplicate of the active layer (where you have your photo) and will create an effect similar to slipped-in corners. You get four options for the shape of the cutout. The end result will not cut anything from the background so you will be able to move the photo wherever you want on your project.
Get it in the store: Slipped In Corners 1
To win this script, add a comment on this Facebook post telling us if you ever created that effect, manually, on your photos (remember, add a comment, not just a Like!) The winner will be announced in the newsletter, next week. Not a subscriber yet? Not a problem. You can register here and it is free (and you only get one email per week).
As a sampler, I used the dimensions of a standard 7x5 photo, and ran the script on a black rectangle. The script treated the rectangle as a photo, and now, you can replace the rectangle by your own photo. Convert it to a mask if you want, but you can also just trim it. More interesting for you, you can move the linked layers to place the photo somewhere else on the page. Build the rest of the page as you wish with papers under it and elements on top.
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