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Actually the owner could stay anywhere from 6 months to 1 year!
gn you got it… If the lender says, hey give us the keys and agree to a deed in liue of foreclosure and we will agree to reduce the severity of what we report to the credit agency then it may indeed be a preferable alternative. The “knock” on the credit record is something that I cannot give good advice on because I am not an expert on that. However yes you are on the right track as to why that may be a better alternative for the homeowner.
SD Realtor
It is the honorable and healthy thing to do if the situation is otherwise impossible. Then just squat.