I am trying to dive deeper and any insight you can provide is precisely what I need from someone who experienced the downturn directly and obviously not only survived, but thrived. 

The emergency fund covers you for the unexpected things in life - It ensures you, and your family, can survive comfortable when things go south. 

Some of the companies survive and these people move up the hierarchy over time.

I guess its time to dig up the door to the Y2K bunker in the backyard and update the supplies and the ventilation systemCome to think of it maybe it wouldn't be good to survive and stick your head out to a wasteland.

https://www.amazon.com/Unshakeable-Thrive-Survive-Financial-Correction/dp/1508232709/ref=sr_1_1?

How this cumbersome, slow, keep you in the dark, expensive a$$ way of buying and selling real estate has survived this long is beyond me.

Those poor souls; hard scrabbling it on the "multi-family" side of things... what are they to do, in order to survive the increasingly unbearable life in sunny Southern California?

Seems to me that a $245,000 loan should be survivable on $40K if the room-mates are paying a fair rate.Furthermore, you should inquire about a loan modification with your bank.

While claims in equity may survive as a practicle matter, if my security interests are not actively sought in a timely manner I may be barred from recovery.

I had it happen to one of my deals I did many years back and I was upset because it cost me 2% interest and closing fees but I survived to live another day.