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Personally, option 1 would be the only one I would consider. For arguments sake, I don't see how option 2 could work. First off buying the new house will be considered an investment property by the bank. They will set the interest rate appropriately and expect a very healthy down payment. They would see that you were underwater on the first and its unlikely that you would get the loan at any terms. Lets assume that you actually get the new loan. For this to be the case you would have sufficient income and savings to qualify for both. The point at which you tried to walk you would get ripped to shreds. This would not be a case of simply being tapped out, but just deciding not to pay. I doubt that there would be a way to walk even if the bank let you get into this situation.
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04 R1100SA (Pacific Blue metalic)
99 R1100SA (black) -- Totalled
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