Countrywide has this to say about deed in lieu requirements for Countrywide mortgages. Note that this is maybe supposed to be specific to FHA guaranteed mortgages but it is all I could find:

How the process works
You may be able to deed the property to the lender/servicer and avoid a lengthy foreclosure**. For information on how this will affect your credit rating, please consult an independent tax advisor. This option relays to the credit bureau that the financial situation was mitigated. If approved, the Deed-in-Lieu documents are forwarded to our attorney's office to complete the process.

Documents that are required

    * Updated financial information for all parties on the loan
    * Interior appraisal
    * Title Reports, to ensure that the property is free and clear of any liens or encumbrances, and the premises are vacated
    * Completed Deed-in-Lieu documents

Estimated Timing
The process typically takes 75 to 90 days to complete, but may take longer. The primary stages are:

    * Review of financial information - 2-5 days
    * Determination of clear title and value - 2-3 weeks
    * Transaction approval - 25-30 days
    * Document Preparation - 2-5 days
    * Document Signing - 1 week

Now as they say, there is the truth and there is the *truth*.

The big thing about the Countrywide deed in lieu of foreclosure requirements is NO JUNIOR LIENS. This means no home equity lines of credit, no second mortgages.

And, the truth is that the "updated financial information" really has to be prepared properly. It has to be truthful of course, 100% honest, but it also has to be packaged so that someone who is overworked and underpaid can look at your package with the once-over and say "yeah, that belongs in the can-do pile" and then you are much more likely to do your deed in lieu of foreclosure with Countrywide.

I don't know about the 75-90 days. A lot of you can't make it that long. I hope you subscribe to my high quality list and get instant access to my 25 page report "Keep Your Home" along with emails that have information that is quite surprising to many folks on reducing your credit card debts, avoiding bankruptcy and stopping foreclosure. Privacy always respected and you can unsubscribe anytime.