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.
