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.
When you see a property identified as a real estate owned foreclosure, it means first of all that the lender has taken the house back from a borrower who failed to make the payments. That's the foreclosure. The real estate owned part means the lender hasn't been able to find a buyer for the house. When a borrower quits making payments on a home loan, the lender will move to seize the home through foreclosure. The specific procedures and timelines for foreclosures vary according to state and local laws, which provide for waiting periods and appeals.