The other end of the spectrum are solo practitioners who usually went to local law schools (much less demanding/competitive), they advertise in the phone book, the name of their firm is usually their own name, and they usually list a long line of things they do--criminal, bankruptcy, traffic accidents, etc.  

I can estimate this based on various bankruptcy and foreclosure filings that have been made in the past, but since this isn't the foreclosure of the first lien, I don't have an exact amount for the first lien payoff.2) If I request a payoff from the bank, will I be forced to pay all fees and other charges incurred by the borrower for non-payment?

Unfortunately if you lose your job in a bad economy, your tenants may lose them too.Imagine another situation where you are forced to file bankruptcy.

There are ways around the process serving requirement, as the lender could petition the courts to use some kind of alternative or substitute service like publication.The other play is bankruptcy.  

I think if you interview me, you will have to allocate 2 episodes because I've done so many mistakes :)Here's part 1 of my 3-part story:https://www.biggerpockets.com/forums/55/topics/690349-from-bankruptcy-to-1-000-units-part-1-thru-the-dark-tunnel

The MAIN competition comes from Bankruptcy Attorney's.

We have already consulted with a Bankruptcy attorney, but honestly, don’t have the money to file.

Had about 54 cats that animal rescue pulled out of it.They got into the crawl space vent guard that was broken.The owner was a woman who loved pets but had mental health issues.Luckily the house only had a tiny mortgage on it relative to it's value.Cat urine was everywhere.We were able to eliminate it everywhere accept one room where she closed the door and 25 cats were in there.To get rid of that smell you had to tear the sheetrock down and replace the subfloors and Kilz everything.I sold it and collected my check to a cash investor.The lady kept 3 cats that were deemed healthy and moved into a big apartment complex facility that was a loft style with concrete floors.It was an old factory conversion into a 300 unit apartment complex.Had another property I did a Interior BPO on in pre-list for an REO.Owners had left dogs inside living there for 4 weeks with food to survive on.There were literally thousands of terds on every level of the 3 story house along with urine and clothes left behind.This was a few years old house in an upscale neighborhood of 500,000 to 600,000 homes.The neighbors came by and couldn't believe what they were seeing.So I will again say it's not about the pets but the owners who take care of them.On credit in my area most tenants have bad credit.If they have great credit they are buying a house for dirt cheap.The only reason they wouldn't is if they are staying for a short time or in transition.Why pay some landlord who could get foreclosed on 800 a month in rent for a 3 bed 2 bath when you can buy one for cheap.In my area you could get a mortgage and pay 500 a month for that same house.Many times people with good credit are ticking time bombs.They actually are not a great candidate but have just kept acquiring more debt to pay what they have until reaching critical mass.These types carrying a bunch of debt have bankruptcy in there future.When you rent to tenant out of a chapter 7 many have a fresh start and have income to pay the rent.So every renter is a case by case basis even though there are common traits involved.

However, there was a recent news article across the internet that they are considering allowing states to declare bankruptcy.

While below market buys are available, they are usually the result of long negotiations, persistence, unusual situations (such as 20 heirs having title to one property) or found sifting through the wreckage of bankruptcy court.