The opportunity for borrowers who cannot meet their obligation (repayment of a loan) to sell their property in order to avoid foreclosure. Borrowers who agree to sell their property using this method are generally relieved of their loan obligation.

the borrower who defaults on the loan, sells the property to pay the loan in order to prevent foreclosure

A procedure in which the borrower is allowed to sell his or her property for an amount less that what is owed on it to avoid foreclosure, fully satisfying the borrower's debt.

A process in which the lender allows a borrower to avoid foreclosure by selling the property for less than the amount that may be owed to the lender.

allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.