deed in lieu of foreclosure

Definition

Construction

  • Refers to a deed given by a defaulting property owner to a creditor so that the lender does not have to proceed with foreclosure. Following a deed in lieu, the creditor may not be able to sue for a deficiency judgment, and the debtor may preserve credit reputation.
http://www.dictionarycentral.com/definition/deed-in-lieu-of-foreclosure.html