What is the mean by Deed in lieu (of foreclosure) in real estate?

If you are searching for the meaning of Deed in lieu (of foreclosure) in real estate and also a definition of Deed in lieu (of foreclosure),  then this blog post is helpful for you

Definition

A means of escaping an overly burdensome mortgage. If a homeowner can’t make the mortgage payments and can’t find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won’t agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner’s property rights to the lender.