reaffirm

Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.

I suppose they use it to reaffirm their faith.

Reading the word of God everyday will also reaffirm your faith and is probably better than mindlessly repeating the Apostles Creed.

no

If you don't reaffirm the debt, then the creditor has the right to repossess the car and sell it at auction to recover the debt owed to them, irregardless of what equity that you've paid. If you wished to keep the car, then you should have demanded that your attorney reaffirm the debt with that particular creditor.