DEED IN LIEU (OF FORECLOSURE)
\dˈiːd ɪn lˈuː ɒv fɔːklˈə͡ʊʒə], \dˈiːd ɪn lˈuː ɒv fɔːklˈəʊʒə], \d_ˈiː_d ɪ_n l_ˈuː__ ɒ_v f_ɔː_k_l_ˈəʊ_ʒ_ə]\
Definitions of DEED IN LIEU (OF FORECLOSURE)
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A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.
By Oddity Software