CitiMortgage announced a pilot program Wednesday in which troubled borrowers can stay in their homes through a deed for lease.
About 500 homeowners in Florida and five other states hit hard by the housing crash are eligible. Borrowers must occupy the homes and be unable to get loan modifications, among other requirements.
Bank of America previously announced a similar program.
The CitiMortgage pilot, which will be managed by Carrington Capital Management, also is being tested in Arizona, California, Texas, Nevada and Georgia.
-- Paul Owers
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