Deed in Lieu of Foreclosure
This is an option that many underwater homeowners do not know about. A deed in lieu of foreclosure is when the borrower agrees to give the property to the lender in exchange for cancelling the mortgage. The lender then gets the property much quicker than normal and lessons the chance of the property being in disrepair and reduces the lenders financial loss (interest, legal fees etc.) for the property being off the market.