Help on these questions.

[mrman]

After the 341 what is the reaffirmation process. We have a home loan and
2nd mortgage. I paid through this whole deal and what do we do now. Do we contact the lender, do they contact us or do we just keep paying. Do we have to reaffirm to keep the house and the 2nd.

[StaciMM]

You would probably need to contact the lender and ask them to send you an agreement-if you wish to reaffirm it will need to be filed w/ the bk court to be valid. The lender can't contact you-that might be considered a violation of the stay.

If you have enough equity that you are very confident that if you need to sell, you would not take a loss, it is probably in your best interest to reaffirm. Otherwise, don't reaffirm. Keep paying, but if something happens (job relocation, market takes a turn for the worse, etc.) and you can't sell it-you won't be responsible for the loan.