Deed in lieu (of foreclosure), Glossary and Terms, Attorney's office, Personal Lawyer
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"Deed in lieu (of foreclosure)" - Attorney Glossary Terms and Abbreviations
A means of escaping an overly burdensome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.