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.
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.