Reaffirming 2nd Mortgage at the CU?

[momof3b1g]

We just got our reaffirm papers from out lawyer today. Its from the holder of the 2nd mortgage. Which is at the credit union where we have all our accounts. Of course we did put into our petition that we would be reaffirming. But its been almost 3 months and dh has still not gotten a new job. So of course we do not want to reaffirm. Now It says there is no law saying we have to. But what laws protect us from the creditor? Can they kick us out of the credit union? Can they take money from our accounts? Though we plan to keep paying at hopes they will take the payments.
It says we have to get it back to them by May 30th.
Should we just ignore it?

[momof3b1g]

anyone?

[StartingOver08]

This is just my opinion, do not reaffirm the second mortgage. If you continue to make the mortgage payments (pay thru), the CU is unlikely to foreclose, especially if you are underwater in your home. But, I would move your bank accounts to another bank not associated with your mortgage just for safety and peace of mind. Don't take a chance on the CU playing fair with your bank accounts.

[HHM]

How much is the home worth relative to the 2nd mortgage?

Assuming the home is worth about what is owed or less, do not reafirm and move your accounts. CU's are anti BK.

[momof3b1g]

How much is the home worth relative to the 2nd mortgage?

Assuming the home is worth about what is owed or less, do not reafirm and move your accounts. CU's are anti BK.

The house is worth $137,000(per the appraisal anyway). The 2nd mortgage is $14,000. The 1st mortgage is $86,000.
We do need to keep our accounts open though otherwise i don't think we can have a loan with them. DH had to open a savings in just his name.
I'm tempted to open an account somewhere else just incase.