Deed In Lieu of Foreclosure
If you are facing foreclosure by your lender, one option you have is to give the deed to your home to your lender. This is called Deed In Lieu of Foreclosure. While this option to stop foreclosure makes sense, it may not be the best option for all homeowners.
When a homeowner has given the deed to their home in lieu of foreclosure to their lender, they no longer have title to or ownership of the mortgaged home. In New Jersey, under the state's Fair Foreclosure Act, the debtor homeowner needs to "voluntarily" surrender their property. This means that the homeowner must have received all proper notification by their lender of their intention to foreclose the loan.
It is important to note that as a homeowner you need to formally notify and document your intention of giving your lender your deed in lieu of foreclosure. Simply abandoning your property will not be sufficient.
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foreclosure : 
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new jersey
