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Deed in Lieu of Foreclosure means you just send the keys to your house back to the bank. 

Do not do this! 

If you deed the house back to the bank, they say, “Thank you very much.” The bank will then put your house on the market. 

If they do not get enough after selling the house to satisfy your loan, the bank will sue you for the difference. 

Say you owe the bank $200,000 and they sell your house for $175,000 after paying the broker and the lawyers. The bank can file a deficiency lawsuit against you for $25,000. You do not want this hanging over your head!