Generally a mortgage company will only consider a deed in lieu of foreclosure if the loan is in default and in imminent danger of foreclosure. (kcbankruptcy.com)
A true short sale or deed in lieu of foreclosure involves a forgiveness of debt. (natlbankruptcy.com)
The warranty deed in lieu of foreclosure simply allows mortgage lenders to avoid the time, hassle, and expense of formal foreclosure. (sapling.com)