UPDATED: Oct 1, 2022
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My mother passed away in April. She
had an line of credit loan with a major
bank. The loan will be paid off when
the house is sold , the bank has told
me it is my responsibility to pay the
loan every month. My name is not on
the loan. Is this correct
Asked on November 11, 2017 under Estate Planning, Pennsylvania
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
I am so sorry for your loss. Is the line of credit attached to the house as a Home Equity or second mortgage? Then if that is the case it is likely a lien on the property and likely should be paid. I would consult with an estate attorney on the issues in your Mother's estate. Perhaps contact your local bar association for referals and see an attorney on a consultation basis. Good luck.
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