Definitions for "Deed In Lieu Of Foreclosure"
Technique used with mixed results by consumers unable to continue making payments on their homes. Sometimes lenders will allow debtors to deed the property back to the lender instead of suffering through the embarrassment of a foreclosure sale on the courthouse steps.
MP] Deeding the property over to the lender as an alternative to having the lender foreclose on the property.
Deed given from the owner/borrower of the property to the lender as an alternative to having the lender foreclose on the property.