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.
Oklahoma primarily operates as a title theory state where the property title remains in trust until payment in full occurs for the underlying loan. Foreclosure is a non-judicial remedy under this theory. The document that secures the title is called a mortgage. Oklahoma law also permits mortgages to serve as liens upon real property and for judicial foreclosures to occur through the courts.