What you are all missing is that it is not illegal to do a “buy and bail” if you fully disclose that you do not have a renter for your old home. New FHA loans require you to prove that you can pay both loans, even if you do not have a renter before you move to the new house. You have to pass an income analysis stating that you can afford both payments. The key to a buy and bail- file bankruptcy after you buy the new home. Bankruptcy is the only way to protect yourself from the fear of any lender coming after you once you foreclose. Don't get upset that you don't want to ruin your credit by filing bankruptcy- are you kidding me, your credit is already crap. Save yourself the hassle of waking up one morning and having your bank account drained by a judgement. Two can play at this mortgage fiasco going on in this country. You have to protect you and your family- you have options!!!