Bridge loan to another house that we buy to itself (no mortgage) a new house and we can not sell the old house. Four Close?

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New House wanted to buy (much more impressive, could not miss, $ 100,000 less than the original asking price) we were trying our other house we owned (excluding mortgages), it said that the bank is in a bridge loan for a year in sales. We have problems to sell the house and only about 5 months to sell it before the bridge loan, and we would have to complete another loan with a payment you can not afford. Our loan officer told us we had to foreclose, and it would not hurt our new home, because we are the payments and continue the payments. We intend to stay in her new home and not buy a new home anytime in the future. How our credit affects other purchases? This is the last thing I want to get is four nearby.

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