Property turned over to the bank?

[Craig Shrimpton]

While researching a potential REO for rehab I came upon something in the property records that I found curious.

There was a document from the owner stating she had voluntary turned the deed over to the bank and an acceptance letter indicating the bank had taken obsession.

What does that mean and why would an owner or bank do that? It does not look like there was any previous attempt to sell the property. No short sale or foreclosure notice. The owner just bailed on the property.

Thanks,

Craig