Practical Law Glossary Item 4-502-0492 (Approx. 3 pages)
Glossary
Deed-in-Lieu
Also called a deed in lieu of foreclosure. It conveys title to a lender when a defaulting borrower wants to prevent foreclosure. A lender can choose whether to stop foreclosure activity when the borrower requests a deed-in-lieu. It can help prevent foreclosure preparation documents from being recorded and becoming a matter of public record.