We owe $182k on our VA loan for our primary residence valued by the city at $165k.
Medical issues have destroyed us financially. The issue is over now but the aftermath is $30k plus debt.
We have no other property - no significant savings (less than $5k) - no assets to speak of besides two payed off vehicles.
We are moving out of state in one year from now and considering a strategic default, short sale, or just walking away and letting the bank forclose.
What can we expect as far as legal action against us?
Is it better to try and short sale or let it forclose and save the mortgage payment for those 6-10 months and use that money for rent in the new state?
How long before we can expect to be able to purchase property again?