If your mortgage lender is Citi and you're behind enough in your payments to consider  short sale or just go into foreclosure, it's a good idea to wait.

News sources are reporting that Citi has come up with a plan to aid home owners, whereby they'll let borrowers stay in their homes for up to six months, as long as the borrower tenders the deed back to Citi.

This is a deed-in-lieu of foreclosure program.

Details need to come out, but if it'strue, Citi would be joining Fannie Mae and Freddie Mac with these kinds of programs (see earlier postings).