Do not reaffirm. Not a good idea because if you default on your loan in the future, the bank could come after you for the deficiency after a foreclosure or a short-sale. Continue to make payments without reaffirming the mortgage. Technically, the mortgage is not discharged on your bankruptcy. It is your liability on the note that is discharged, which prevents the bank from coming after you after you default and then after it forecloses on its mortgage. The bank's mortgage is taken care of by the proceeds from a short-sale or a foreclosure.
Again, the deficiency from the short-sale or foreclosure is the thing that is being discharged in bankruptcy if you did not reaffirm the debt—this is your personal liability on the note. If you reaffirm the debt, the deficiency is not discharged—your personal liability on the note is not discharged.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).