Home Value: $325k, HARP refi, no money taken out
1st: about $325k, WF service/Fannie May owned
2nd: $90k HELOC, via Wells Fargo
I'm preparing to walk from my house in Maryland due to divorce. I was going to stay with it, but my cash flow has always been on the edge and a split will make the situation untenable. I cannot get a rollup HARP because my refi on the 1st was a HARP but Wells Fargo neglected to tell me that I could roll the second into the first. Hell, they didn't even tell me it was a HARP refi at all.
My plan is to move out with some assistance from relatives and leave her use of the house for as long as the process takes. It's a bit of an odd situation - because her credit was SO trashed due to previous issues, the mortgages are in my name only as is the title to the house. But since MD is a marital property state, she "owns" half of it. But because we are underwater she owns half the debt, too - for me to "buy out" her half she would have to pay ME her part of the loans. So while walking is the best alternative, I need to do the process myself and insulate/isolate her.
I've been reading the site as best I can and the volume of info, while amazing, is almost too much to sort through. But my questions are as follows:
1) Can someone shoot me a link to a newbies guide to this? I've seen a number of references to C&D letters, Google Voice accounts, etc. but am having trouble finding specific steps. As stated above I need to keep her separate from the foreclosure notices, harassing phone calls, etc. There are references to using Google voice to block phone numbers from banks and collection agencies, but I haven't found the "how-to".
2) My HELOC is set up to pull automatically from my checking account. I normally would not have done this, except I get a 1/4 point discount on the interest. What is the best way to stop them pulling from my account? Simply closing the account is not really an option - there's too many other things tied to it.
3) How will it work with WF servicing one account and owning the HELOC? The 2nd note is completely uncapitalized, there's no equity behind it.
I appreciate any pointers.