Foreclosure just got a bit easier for holders of Citibank loans. Citbank is launching a new pilot program today which will allow distressed homeowners to stay in their home up to six months, if they agree to hand over the deed to the lender. In order to be eligible for this new pilot program, homeowners must have their first mortgages with CitiMortgage, no secondary mortgage, actually live in the home and be at least 90 days late on their mortgage payments.

This type of foreclosure is not uncommon to San Diego bankruptcy attorneys. The "deed in lieu of foreclosure" is considered a foreclosure alternative but is essentially the same thing as a foreclosure, in many regards.