Question About Reaffirming Debt

[jw2929]

I am currently in Chapter 7 bkptcy and am reaffirming my first and second mortgage. I'm currently filling out the reaffirmation paperwork for the 2nd mortgage and need to give an explanation for the following:

"I can afford to make the payments on the reaffirmed debt even though my monthly income is less than my monthly expenses after I include my expenses the monthly payments on all debts I am reaffirming, including this one, because ___________

My monthly expenses are $254 more than my monthly income.

I am sure how to answer the question above. Can I use an explanation such as I plan to restructure my current monthly budget to lower my monthly expenses? Or does the statement have to be something more in depth and direct?

I am representing myself and am not using an attorney.

Thanks in advance.

[SMinGA]

Why are you reaffirming the loans?

[jw2929]

Because I want to keep my home and continue to pay them.

[SMinGA]

Reaffirming means you are responsible for the payments no matter what.

In most cases - if you just continue to pay you are fine. Few mortgage companies insist on reaffirmations. And they cannot foreclose if you keep payments current.

Reaffirming could be a BAD idea especially when your budget is negative each month. If you fall behind, you're left owing the balance.

Because I want to keep my home and continue to pay them.