A deed in lieu of foreclosure (DILF) is a deed that transfers the property back to the lender, in order to cancel a debt. It requires the lenders consent & cooperation, but it is an alternative option to facing foreclosure.
There are some advantages to using a Deed in lieu of foreclosure
It can be done quicker than the minimum required time to complete a foreclosure, that way your issues with the loan are solved a lot sooner & you are able to move on a lot quicker.