A deed-in-lieu-of-foreclosure transfers title of your property to the Plaintiff. A deed-in-lieu vacates any judgement and dismisses the foreclosure case. This is an option when there are no second mortgages or liens. If said liens do exist, they can be negotiated allowing a deed-in-lieu-of-foreclosure.
Borrowers who are considering a deed-in-lieu of foreclosure may be entitled to relocation expenses through government or private programs. These programs include “cash-for-keys.”