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  Home >> Lending >> Home Equity  
Bank Sent Account to Probate Department

My spouse died. Although we owned the house in joint tenacy, we had an equity line account. The bank has sent this account to their probate department. What does that mean?


The bank has probably just assigned the home equity line to a department in the bank that will be responsible for working with you and your spouse's estate to ensure that the bank's interests are protected. It would be wise to respond to any correspondence from the bank concerning the loan account, but you may want to discuss any such correspondence with an attorney before committing yourself to any particular course of action. Your home was pledged as collateral for the equity line, so you should not make any move without fully understanding what it could mean to you or your home.

Published on BankingQuestions.com 8/25/08