I have a VA loan.30 years fixed. With the house being so far upside down (Owe 230k,house is worth 150k)I was thinking of giving it back and moving.We are current on our mortgage but it is really eating up our money.My wife thinks we can just turn everything over to CountryWide within a couple of weeks and just get the DIL but I think it is a lot more complicated than she thinks.Anyways,Here are my questions.
If we try a DIL how long will it take?
Will Countrywide even accept a DIL?
Can they come after our other house?(maybe 20k in equity)
Does a VA loan hurt us or help us?
Any info would be appreciated.