Deed in lieu of foreclosure

{
  "id": "MLC-T-LAW-001516",
  "term": "Deed in lieu of foreclosure",
  "field": "Law",
  "definition": "A voluntary agreement where a homeowner facing foreclosure transfers the title of their property directly to the lender to satisfy the mortgage debt. This arrangement allows the homeowner to avoid the public record of a foreclosure and may release them from personal liability for the debt. It requires the consent of both the borrower and the lender.",
  "url": "https://mlchart.com/terminology/law/deed-in-lieu-of-foreclosure/"
}