You should have received a default judgement from that court case and that is a public record that any future landlords can see when screening tenants. 

@Patti RobertsonIn Virginia, is the contract assignable by default or do you need to have it specifically spelled out in the contract that it is assignable?

I need some gentle guidence as a start in what direction to go to find out foreclosure costs.My JV partner and I own a note and the borrower has defaulted and not paid in several months.

That means they don't have the financial means to afford your rental and are highly likely to default on the rent payment.I recommend you watch them like a hawk and start figuring out how to handle late payments, non-payment, and eviction immediately.

She has done joint ventures and someone defaulted on the loan and she got caught up in the mix, so now she wants to work with investors and their contracts.

I would default more to a sales comp/per unit valuation.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Anyone wants to add anything here to help me prepare for my first default experience on my loan.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

At the three-day workshop, day one was filled with success stories and the coaches describing strategies they implemented in buying and selling tax defaulted properties.