Deed in Lieu

Deed in Lieu of Foreclosure is when the homeowner transfers their property to the lender in exchange for the waiver of any further liability under the loan. Before a Deed in Lieu may be considered, lenders require that the property be listed for sale with a licensed realtor for a period of at least three months. After the three month period, this may be the quickest and simplest option for a complete waiver of deficiency, but a Deed in Lieu is much harder to get approved than short sales.