Question about "reaffirming"

[Houseofcards]

I have browsed repeatedly here and for some reason I still don't understand how reaffirmation or not would affect us - or works for that matter.

We will be filing chapter 13 - with small payments - according to our attorney.

We are keeping our home - we are current on it (1st and HELOC current).

1st mortage we owe 211k - HELOC we owe 81k - CMA on the house is currently 245k and falling.

If we file - start the plan payments - and just keep current on our house payments - how does this work?

For example - we decide we can't afford the house anymore and we walk away. Is that new foreclosure and stuff still included in the BK we filed?

What if the value drops further and we find out that the HELOC is no longer secured by equity - can it be stripped later ?

Will the mortgage companies make us sign reaffirmation agreements even though our attorney doesn't sign them as per our attorney/client agreement ?

I hope i am making sense (head spinning)

[Ifonly]

Any action you take after the BK is filed can not be included. (If I'm incorrect, someone please feel free, I'm still new to this)

I believe that if you feel that you can not afford your home, you must decide that now and file with the asset being surrendered.

But most people file CH13 in order to keep their home or other assets. I know we're surrendering our house and still filing CH 13 but we are way over the means test. The house is just too expensive. $1,550 on the first mortgage, $1,300 on the second and taxes and HOA (not escrowed) about another $800 a month. And they go up every year.

To us, walking away from the house is starting over and we're not particularly sad about it.

But I think you need to decide those things now.

[Houseofcards]

Thanks for responding

We are still on the fence regarding the surrender of the home. In the long run it may be better to give it up.

We ARE surrendering 2 rental properties in the BK as well.

I read some posts here that say things like "if you did not reaffirm the debt you are still in control and can surrender the property". Maybe this applies only to vehicles ?

I am still kinda wondering the benefits or disadvantages of "to reaffirm or not to reaffirm".