What happens to the house when I don't reaffirm?

[BK2008]

I filed C7 back on 4/15/08, and my 341 was today.

2 CC's, 1 voluntary repo on that I claimed in bankruptcy.
1 auto I did reaffirm (I want to keep that!)

My house...I'm not sure I want to reaffirm that. (there is a 1st and a small 2nd)

I am having a hard enough time making ends meet, and the payment represents almost 50% of my take home pay (that's PITI). I have 2 kids, no support for them, and paychecks just don't stretch enough. I also have a commute from home to work. And it is currently upside down if I sell it with a broker.

I'm thinking of looking for a rental somewhere closer (cut the cost of gas) and for a few hundred a month less than my payment.

My Q is...
1) What happens to the house if I don't reaffirm?? (I know my 2nd mtg is no longer reporting because the papers have not been signed yet, and I haven't heard a peep on the 1st) I am current on the payments, but it is increasingly becoming more difficult to do so.

2) Because my credit is in the trash, just how does someone go about renting an apt with all that going on??
I suspect that it might become slightly less of a problem after discharge.

Any advise would be greatly appreciated. I am trying to weigh my options before I hand over the keys to my house and add it to the BK.

[keepmine]

You already added your mortgage to the bk. All creditors must be listed.
If you reaffirm, you're on the hook for any sort of deficiency balance should you default post bk. If the home has negative equity and you are reaching to make payments, don't jeopardize the fresh start a bk provides.
I'd not reaffirm and see if you can just ridethrough while you weigh your options.

[BK2008]

What is a ridethrough??

And if I stop making my payments on both mortgages starting June, and let my attorney know I do not want to keep the house, how does it play out??

My credit reports will show a BK & a forclosure??

How do I rent a place with all that on my credit??

[keepmine]

Rifethrough just means you don't reaffirm-just keep making payments.
Once you stop making payments and are still in bk, the lender must file for relief from stay to start any foreclosure proceedings. That {depending on your state} could take months. Stay there and save money for rental deposits, utility hookups,etc.
You rent a place the way everyone does regardless of their credit. You start contacting landlords. Nobody on this site that has filed has ended up homeless.