line of credit

[JustJack]

house in pennsylvania was sold and equity line of credit continues to be active. Agent to take care of paying off from money at closing but between time of giving her info and closing date we used more money assuming it would all be paid at closing but the account is still open and has a balance which I continue to pay. What can happen, can I get in trouble because I no longer own that house but the loan still exists? Also would this effect getting home equity loan on another house in Vermont.?? Thanks for your advice.

 

[HomeGuru]

house in pennsylvania was sold and equity line of credit continues to be active. Agent to take care of paying off from money at closing but between time of giving her info and closing date we used more money assuming it would all be paid at closing but the account is still open and has a balance which I continue to pay.

**A: what agent? I hope it was your escrow agent since the clsing agent should have ordered a current payoff and confirmed with you the coorect balance.
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What can happen, can I get in trouble because I no longer own that house but the loan still exists?

**A: of course. You may be looking at a huge lawsuit filed against you by this lender. Since maybe they were not paid off and still have a mortgage lien on the property.
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Also would this effect getting home equity loan on another house in Vermont.?? Thanks for your advice.

**A: you already know the answer to that.