deed in lieu of foreclosure

A legal way of escaping an overly burdensome mortgage. When a homeowner can’t make mortgage payments and can’t find a buyer, some lenders will accept ownership of the property in place of the money owed on the mortgage. If the lender doesn’t agree to accept the property instead of the mortgage payments, the homeowner can prepare a quitclaim deed that unilaterally transfers the property rights to the lender.