we sold a house in florida 13 years ago- but the line of credit never was cancelled and we borrowed against- the bank accepted payment for y...

Question

we sold a house in florida 13 years ago- but the line of credit never was cancelled and we borrowed against- the bank accepted payment for years - and we missed a payment and now they are adding flood insurance premium to a property that we do not own. we want to pay the loan but not the insurance as it is not our property anymore- the bank is saying they will call it a forclosure if we do not pay. we acknowledge we should not have borrowed against this property- but the bank accepted payment for years- it seems the bank should have closed the line of credit when the house was sold - and it would seem they have some responsibility- as i would think the title company would. HELP

Answer

You remain responsible on the line of credit and the obligations you have under that document including insurance are still your responsibility. Hard to assess what happened at your closing or how the other party allowed you to maintain a line of credit that still applies to the property remain. The bank is the lease likely party to be responsible for anything. The title company may have some responsibility. What did your closing show when the house sold? Seek legal help with all your paperwork.