an act of helpful activity; help; aid: to do someone a service. 2. the supplying or supplier of utilities or commodities, as water, electricity, or gas, required or demanded by the public. 3. the providing or a provider of accommodation and activities required by the public, as maintenance, repair, etc.: The manufacturer guarantees service and parts.
What is foreclosure? Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt.
An REO (Real Estate Owned) property is a home owned by the bank after a foreclosure. REO stands for Real Estate Owned. If a property is REO, this means that the bank owns the property as the result of a foreclosure. Read on to learn more about REO properties. Foreclosure is the legal process where real estate secured by a mortgage or deed of trust is sold to satisfy a debt.