If the foreclosing lender decides to pursue you for a deficiency they can come after your new home.
Your best bet would be to short sell or do a dil making sure you have a full settllement with no right for the lender to pursue a deficiency judgement.
I would advise against owning assets until you resolve your current situation.
Seek an attorneys advice.

Attorney is best. You may want to see if the lender will take a "deed in lieu of foreclosure" This will end foreclosure and get you off to a fresh start. Give me a cal or email if you have any questions.
Tony

Kkgarden,

I have to agree with Chris. You really should consult a Real Estate Attorney in North Carolina. They are more familiar with the laws of your state and will be able to advise you better. On a personal note I have purchased a smaller home for family after a forclosure. I understand the emotions of wanting to come to the rescue. There are a lot of issues to consider here regarding liability and a lot of scenrioes that you may not have considered. When you talk to the Real Estate Attorney bring your parents with you and discuss your options. Best wishes.

I think you should advise a real estate attorney who practices law in NC and is familiar with this type of situation. Good luck.