CitiMortgage launched a pilot program Thursday for financially distressed homeowners to avoid foreclosure and secure six more months in their home.

The hook: They have to maintain their homes in good condition and agree to sign over property deeds to Citi once the six-month clock runs out.

The initiative, which is being tested in Florida and five other states, has been dubbed the Citi Foreclosures Alternatives Program.

"At CitiMortgage, we're committed to finding every solution possible to help families facing foreclosure. However, the reality is that not every homeowner has the financial ability to remain in their home," Sanjiv Das, CEO of CitiMortgage, said in a statement.

As part of the program, the mortgage lender said it will offer relocation assistance to help borrowers transition to another residence. That assistance would include a minimum of $1,000 in relocation funding, counseling and possibly paying some bills the home­owner cannot afford, such as utilities, and homeowners association and escrow fees.

In return, borrowers must maintain their property in its current condition and agree to bimonthly meetings with "trained relocation professionals," the company said.

The program is aimed at borrowers who are at least 90 days delinquent on their mortgages. CitiMortgage, which is part of financial powerhouse Citigroup, estimated that the pilot program could help about 1,000 homeowners initially.

To qualify, delinquent borrowers must first be evaluated for a permanent mortgage modification.

If a modification won't work, CitiMortgage will explore the possibility of a short sale in which the company might accept a buyer's offer for less than the outstanding mortgage balance.

If a short sale is ruled out, then this new program becomes an option.

Florida had the fourth-highest foreclosure rate in the country in January, behind Nevada, Arizona and California, according to data released this week by RealtyTrac.

Florida had a total of 47,069 foreclosure filings in January, second only to California.

In addition to Florida, CitiMortgage's new deed-in-lieu-of-foreclosure program will be offered starting today in Texas, Illinois, Michigan, New Jersey and Ohio.

For information, borrowers are urged to call toll-free 1-866-781-0322 or visit www.citimortgage.com.

Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242. Follow him on Twitter at twitter.com/jeffmharrington.