Deed in Lieu of Foreclosure
A deed in lieu of foreclosure deeds the property back to the lender. In return, the lender will forgive the outstanding mortgage and any arrears owed. This process cancels the impending foreclosure. In order for a lender to accept the deed, many will provide that the borrower already tried to sell the property. Also, the lender should agree to provide a reasonable amount of time for the borrower to find alternative housing. A deed in lieu of foreclosure will not work if there are any other junior liens held on the property. This option will still negatively affect the borrower’s credit score almost as badly as a foreclosure, but it may make it easier to obtain new credit.
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure
There are other legal issues surrounding this type of alternative that should always be first discussed with an attorney

Personal Representative Deeds
Deed conveying the seller's interest in real property to the personal representative who manages the financial affairs of another person who is unable to do so either by health or age.

Quitclaim Deed
Quitclaim deeds transfer or "quit" any interest in real property. The grantor may not be in title at all, so the grantee cannot assume that the grantor has any real interest to convey. However, if the grantor were, say, married to the owner of the property, signing and recording a quitclaim deed in favor of the spouse would transfer any interest the grantor may have in the property to the spouse.

Special Warranty Deed
A written instrument that conveys real property in which the grantor (original owner) only covenants to warrant and defend the title against claims and demands by him or her and all persons claiming by, through, and under him or her.
In the special warranty deed, the grantor warrants that neither he nor anyone claim- ing under him has encumbered the property and that he will defend the title against de- fects arising under and through him, but no others.

Tax Deed Sale
A tax deed sale is the forced sale, conducted by a governmental agency, of real estate for nonpayment of taxes. It is one of two methodologies used by governmental agencies to collect delinquent taxes owed on real estate, the other being the tax lien sale.

Trustee Deed
Legal document used in some states in lieu of a Mortgage. Title to the property passes from seller to a trustee, who holds the mortgaged property until the mortgage has been fully paid. The trustee is authorized to sell the property if the borrower defaults, paying the lender the amount of the mortgage loan and any remaining balance to the former owner.

Warranty Deed
Deed conveying the seller's interest in real property to the buyer. The seller, also known as the grantor, certifies that the title on property being conveyed is free and clear of defects, liens, and encumbrances. If a third party claim is not exempted specifically, the buyer (the grantee) may sue the seller for the damages caused by the defective title.

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