Deed in Lieu for Foreclosure

What is a Deed in Lieu for Foreclosure?

In a deed in lieu of foreclosure, the property owner will deed back the property to the lender. Again, this process requires applying for, and being approved by the lender to surrender the property back.  The property must be in foreclosure to be considered for a deed in lieu of foreclosure and you must establish a hardship as well to be considered.