here is an article about deeds in lieu of foreclosure. it isnt different (credit report wise) than a foreclosure..it looks the same on a credit report and to future lenders as if you did foreclose.
http://www.homesalerelief.com/blog/d...-work-for-you/
my husband, before we were married, had a deed in lieu of foreclosure and when we bought our house there were no issues about it at all. the lender did ask us why he didnt just do a foreclosure, though.
good luck with everything!!