Confused about Mortgage and Reaffirmation

[thewizard]

Fiance had her 341.

She had received a reaffirmation agreement from USAA for her home equity line and filled it out and brought it with to the 341. She has not received one from her mortgage company.

She is current on both the 1st mortgage, and the home equity line. At the 341 she asked the trustee if she should give the reaffirmation paperwork to him. He told her that he can not offer legal advice but that she should seriously reconsider reaffirming with them.

Now I am confused. I thought that if she wanted to keep the house she needed to reaffirm both debts. Is that true? and if so, what do we do about not having gotten anything from the mortgage company yet?

[StartingOver08]

No, it is not required that she reaffirm the debt to keep the house. ONLY that she continue to pay on time each month.

The Trustee is right - she should strongly reconsider reaffirming the HELOC. My opinion, don't reaffirm it. A reaffirmation is good for USAA, not for your finance

[thewizard]

What about the 1st mortgage? Does she need to reaffirm that? If so, the mortgage company has not sent anything yet... can they choose not to?

[StartingOver08]

The mortgage company can choose not to reaffirm. As long as she is current, then they will not foreclose. She has more control over the situation if she does not reaffirm. Now, if she has lots of equity she might want to reaffirm...but otherwise there would be no point.