What will happen with a VA loan in Nevada?

[jedihush]

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.

[jedihush]

I live in Las Vegas,Nevada.I have a VA loan on my house.The house is worth 80k less then what I owe.If I just let the house go can anyone tell me what will hapen? Can or will CW or the VA come after me.I dont have a second loan or anything.Just thinking of moving out of state and cant sell our house.

[helpinNE]

The problem with Nevada is they ARE a recourse state, meaing the bank can come after you for a defiency judgement on top of that the VA can also come after you for any amount they pay out to CW as a guarantee on your loan.
I would suggest listing your house in hopes of a short sale, not an easy thing but with only one lender it may be doable.
I would also contact the VA, let them know that CW will not work with you, you cannot afford the payments and see what advice they offer.
Unlike many people on this site, your sitatuation is not as easy as just walking away and talking the credit hit because you do live in a recourse state and you also have the VA guaranteeing your loan.
BK may be an option if you qualify for chapter 7.