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.
A foreclosure is a home that has been repossessed by the lender for lack of payment. Foreclosed properties are either sold at auction or put on the open market as REO (real estate owned) listings. If you're on the market for a home, and you'd like to get a deal, a distressed home is an option to look into. Banks want these homes off the liability column of their books, so they usually list them for comparatively lower prices [source: Re/Max].