Paris-Henry County, Tennessee. You might think we are big â Kentucky Lake, the largest manmade lake in the Southeast, a big catfish on a pole, the Worldâs Biggest Fish Fry, big smiles, big hearts that volunteer to help one another and raise over $200,000 a year for local charities selling homemade pies and casseroles.
DEFINITION of 'Pre-Foreclosure' Pre-foreclosure refers to the state of a property that is in the early stages of being repossessed due to the property owner's inability to pay an outstanding mortgage obligation.
This action commences the pre-foreclosure process. Homeowner's Options During Pre-Foreclosure. A home that is in pre-foreclosure is one that is behind on its payments and risks being foreclosed by the bank. The pre-foreclosure period lasts for 3 to 10 months during which a public auction or trustee sale is arranged. During this period, the home owner can reverse his default status by making the late payments so that his home is no longer in pre-foreclosure.