If you do, get, or give one thing in lieu of another, you do, get, or give it instead of the other thing, because the two things are considered to have the same value or importance. He left what little furniture he owned to his landlord in lieu of rent
the function or position properly or customarily occupied or served by another; "can you go in my stead?"; "took his place"; "in lieu of"
If you do, get, or give something in lieu, you do, get, or give it instead of something else, because the two things are considered to have the same value or importance. an increased salary or time off in lieu. in lieu (of sth) instead of (locus; LOCUS)
A means of escaping an overly burdenome mortgage If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender
When a property owner, faced with an inevitable foreclosure and loss of property, deeds the property back to the lender The purpose is to avoid the foreclosure notification being sent to the credit bureaus The deed and lieu will still show up on your credit, and affect the credit adversely Most creditors view a deed in lieu as a foreclosure