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.
Understanding Deed in Lieu of Foreclosure. The deed in lieu of foreclosure process is, in general, a process whereby a homeowner gives up all legal rights to the home in exchange for being absolved of all obligations associated with it. In other words, a lender agrees to essentially take back the home.