What do I do if my husband passed away and our home was in his name but II just received a notice in the mail about a home equity line of credit account?
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What do I do if my husband passed away and our home was in his name but II just received a notice in the mail about a home equity line of credit account?
It has a balance of $32,000.
Asked on February 4, 2015 under Estate Planning, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If there is a home equity line of credit, then it must paid according to its terms (i.e make payments when due under the credit agreement, etc.). If you do not and default on the HELOC, then the lender can foreclose on the home, the same way a mortgage lender can foreclose if not paid.
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