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.
Definition: Lenders file in the public records where the property is located a public notice called the Notice of Default. After the Notice of Default is filed, what specific rights does a homeowner possess? The Notice of Default is the first step to foreclosure. In some states, the Notice of Default is also attached to the home, generally on the front window, like an embarrassing scarlet letter. It states that the borrower is in default, behind on paying the mortgage payments, and if the payments are not paid up, the lender will seize the home.