strange VA home loan foreclosure questions

[jedihush]

I live in Nevada, and March will probably be the last month that I will pay my mortgage. I have a VA home loan. I will probably be moving out of Nevada by August. I am in the same boat as many.I owe 230k on my house and now it is only worth 170k so I cant sell it. I dont have a 2nd.I do have some questions...

What will happen now? Will the VA come after me or will Countrywide or both?

Is there any way to speed up the foreclosing process so it is done by August since I am leaving town then or will I have to wait for Countrywide to take its time? I would really like to get this done if possible.

[Knightfal]

Ask countrywide to do the following:

Property Disposition Options:

If you are not interested or are unable to retain homeownership, the following programs may be available:

Short Sale* You may be able to sell your property at its fair market value even if the sale's proceeds are less than what is owed on your loan. How the process works You may be able to sell your property at fair market value even if the sale's proceeds are less than what you owe on your loan**. This option provides you with an opportunity to sell your home quickly, while attempting to preserve your credit rating. At the close of escrow, if the short sale is approved, the proceeds are wired to us. Documents that are required Updated financial information for all parties on the loan Completed short sale documents (i.e. Purchase Agreement, HUD Documents etc.) Verification of income Interior appraisal Estimated Timing The short sale process typically takes 60 days to complete, but may take longer. The primary stages are: Determination of value - 2 weeks Negotiation and approval of offer - 2-5 days Transaction approval - 2-5 days Escrow closing - 2-4 weeks * All plan options may require investor/insurer approval. All time durations listed are estimates only. ** This option may have tax implications. Please check with a financial or tax advisor. Deed-in-Lieu of Foreclosure* You may be able to deed the property to the lender/servicer and avoid a lengthy foreclosure.

[jedihush]

I have a VA loan through Contrywide.I live in Las Vegas,Nevada and my home is worth around 80k more than what I owe.I havent taken a 2nd or anything. My renters moved out.What will happen if I let the VA loan house foreclose.I own another property that I am use as my primary residence.I actually have aroun 40k in equity in this house but am unsure what to do.Will the VA or Countrywide come after my other house? Can I just let it go.

[Moe Bedard]

Deficiency Judgements are allowed in Nevada...........so the best thing that you can do is to consult with a foreclosure attorney in your state and go over the different scenarios.

Nevada Foreclosure Law

[jedihush]

I ment to say that the house is worth 80k LESS then what I owe so if let it go could I be responsible for this money?

[Moe Bedard]

you would need to talk with an attorney that is familiar with the foreclosure laws and deficiency in your state.............since there is a deficiency law in place................they do have that option.