What happens if I just mail the keys to the bank and walk away?

A deed in lieu of foreclosure is a deed that is executed and delivered by the borrower to the lender to satisfy or to partially satisfy the mortgage debt.

Often times, a lender does not want to get it through the expense and delay of a foreclosure lawsuit. In certain circumstances, they will allow and negotiate with the borrower that the borrower simply convey title to the property to the lender in lieu of the lender initiating and completing the foreclosure process.