Foreclosure: What To Expect?

[Joel Fraser]

I have an investment property that currently has an ARM program, it will be recasting next month. I will not be able to afford this new payment despite having renters for it. I have called numerous times to my lender and has turned me down everytime. Before I think of foreclosure, I want to know what I'm getting into. I've done some research, but want to get more info from the experts. These are some of my questions:1) What is the actual process and timeframe of having the home foreclosed?2) I know foreclosure will hurt my credit scores, but will it affect my mortgage interest rate on my primary home and my credit cards?3) Having a budget that is very tight right now, if foreclosing, do I have to pay for my property tax and home insurance (knowing that it is a rental)? 4) I have a monthly contract with my renters, if foreclosing, when should I tell them that they need to vacate the property?5)What else can you share about foreclosures? I really appreciate all the replies and comments.