VA is a mortgage program, so the answer is no, however you may be able to convince the current owner to accept a standard mortgage, in which case he/she would be paid immediately. VA loans look at credit score but are much more flexible than other lenders. You should start by checking out your VA mortgage options. In almost all cases you can be eligible in about a year if your are able to keep your payments up on your other obligations.... more
I would advise you seek legal counsel to represent you and answer your legal questions. We are real estate professionals, and can not give legal advice.
That said, a foreclosure is a foreclosure whether on a primary residence or an investment property / second home. A deficiency judgement can still be issued and collected on. If you are upside down and can prove hardship, I advise you work with a professional on a short sale. If you would like the name of someone in your area, I would be happy to provide. Just email me at Derek@DoorToDreams.com, or contact me through my Trulia profile.
Thanks, and best wishes to you.
Derek Bauer, Associate Broker
Real Estate One... more