A "friendly foreclosure" can be accomplished by what means to prevent the mortgagee from taking the property?

A "friendly foreclosure" specifically refers to a situation where a homeowner voluntarily gives the property back to the lender to avoid a more formal foreclosure process. This is typically done through a deed in lieu of foreclosure.

In a deed in lieu of foreclosure, the homeowner transfers the title of the property to the lender, who agrees to release the homeowner from the mortgage obligations. This process allows the homeowner to avoid the negative aspects of a foreclosure, such as the potential damage to their credit score and the lengthy legal proceedings often involved. It also allows the lender to take possession of the property without having to go through the traditional foreclosure process.

In contrast, a short sale involves selling the property for less than the amount owed on the mortgage with the lender's approval, which does not necessarily prevent the mortgagee from taking the property. The power of sale refers to a clause in a mortgage that allows the lender to sell the property without court intervention, and equitable redemption involves the homeowner trying to reclaim the property after defaulting, which can still lead to foreclosure. Thus, the deed in lieu of foreclosure is the most straightforward and efficient means for a homeowner to voluntarily surrender the property to the lender while avoiding the complication of a traditional foreclosure.