Deed in lieu is an option for you if you only have one mortgage. It won't work if you have two or three.

Also, deed in lieu won't work in states that have a quick and efficient foreclosure process. Some states have mortgages but most states have deeds of trust. It's much easier to do a private trustee's sale than a judicial foreclosure. Mortgage states often have a lengthier foreclosure process and a redemption period that is tougher on lenders. The lenders will more likely do a deed in lieu in states like this.

The best thing about deed in lieu is it is voluntary. You and your lender negotiate. While in a foreclosure process, the sale is involuntary so there is nothing to negotiate except perhaps how you vacate your house once you have lost title to it.

When you negotiate a deed in lieu you can work with the lender on how they report your deed in lieu credit score drops so that it isn't too bad. And you can negotiate on how they won't come after you in civil court for any of their financial losses.

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