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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 118636
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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I am the executor of my late father's estate. He passed away

Customer Question

I am the executor of my late father's estate. He passed away in March 2015. The estate now owns his house. We are trying to sell it. My father had a home equity line of credit with a bank on the house. We as beneficiaries recognize that we owe the bank the balance when we sell the house.
Question: Since his death, the monthly payments on the line of credit ceased being paid out of his checking account. Each month, the bank has been applying (1) interest and (2) and late payment fees. My question is: how can the bank expect to legally collect on the interest and fees, if the contract was between the bank and my father, who is now deceased? Our estate attorney has not been at all helpful in answering this question.
Submitted: 11 months ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
When someone dies, their estate administrator/executor is supposed to continue paying the bills of the estate, which includes the mortgage and other bills. If the bank accounts are tied up, then the executor has to get a court order to take control over those accounts to pay bills through the probate court. The attorney should have been instructing you on getting the payments made, but if payments were not made because no arrangements were made in probate, you will have to make up the payments with interest and late fees unless you get the bank to waive them based on the circumstances (in many cases they will do so).
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