[zboy63]

I have a home that I can basically sell for 169,000. That would be my best guess. The problem is I owe about 300,000 between my 1st and 2nd. I am current on both loans even though I am only paying the derferred payment on the 1st. It will recast soon, once I get to 115% of the original loan.(I figure about 6 more months). I probably could make the 30 year fixed, but really at this point, why? The house sucks compared to whats out there and I literally would spend every nickel I had to make the full payment. It just doesn't interest me at all. So I had a guy recommend buying another one while my credit is good. Well I found a house bigger and better than mine, and it was a shortsale and it was 195,000 total. Well I could afford that 30 year mortgage no problem, plus the house has equity, and everything would be great. So no way I could get a loan right? Well I applied, turned in my stuff, no funny stuff, and bam! I get approved. And they only want 3% down. So what do I do? I have a family and don't want to get in trouble. I want to buy this house and just give mine back and quit paying on the 1st and 2nd as soon as this new one closes. Is that an option? Is that to good to be true? I could care less about the credit(it will come back sooner or later), especially since I own my cars, and would have another house bought. What am I missing? Please someone with experience help me understand why this is not a good idea? I have submitted nothing fraudlent, I never even said I planned on renting my existing home. I simply filled out a loan app. and sent in my w2', paystubs etc.. I didn't think in a million years I would get approved. Now I want to move into this beautigul house and leave this mess behind, but am scared i could get into trouble. Thanks for taking the time to read this long post